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| (State of incorporation) | (IRS Employer ID No.) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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☒ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company |
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| Emerging growth company |
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| Item 15. | ||||||||
| Period |
Total
Number of Shares Purchased |
Average Price
Paid Per Share |
Total Number
of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate
Dollar Value of
Shares That
May Yet be
Purchased
Under the Plans
or Programs
(1)
|
||||||||||||||||||||||
| October 1, 2020 through October 31, 2020 | — | $ | — | — | $ | 85,723,412 | ||||||||||||||||||||
|
November 1, 2020 through November 30, 2020
(2)
|
183 | $ | 35.04 | — | $ | 85,723,412 | ||||||||||||||||||||
| December 1, 2020 through December 31, 2020 | — | $ | — | — | $ | 85,723,412 | ||||||||||||||||||||
| Total | 183 | $ | 35.04 | — | $ | 85,723,412 | ||||||||||||||||||||
| Period Ending | ||||||||||||||||||||||||||||||||||||||
| Index | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | ||||||||||||||||||||||||||||||||
| Ameris Bancorp | 100.00 | 129.38 | 144.24 | 95.64 | 130.11 | 119.19 | ||||||||||||||||||||||||||||||||
| NASDAQ Stock Market (US Companies) | 100.00 | 108.87 | 141.13 | 137.12 | 187.44 | 271.64 | ||||||||||||||||||||||||||||||||
| SNL U.S. Bank NASDAQ | 100.00 | 138.65 | 145.97 | 123.04 | 154.47 | 132.56 | ||||||||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Selected Balance Sheet Data: | ||||||||||||||||||||||||||||||||
| Total assets | $ | 20,438,638 | $ | 18,242,579 | $ | 11,443,515 | $ | 7,856,203 | $ | 6,892,031 | ||||||||||||||||||||||
| Earning assets | 18,573,871 | 16,321,373 | 10,348,393 | 7,288,285 | 6,293,670 | |||||||||||||||||||||||||||
| Loans held for sale | 1,167,659 | 1,656,711 | 111,298 | 197,442 | 105,924 | |||||||||||||||||||||||||||
| Loans | 14,480,925 | 12,818,476 | 8,511,914 | 6,046,355 | 5,264,326 | |||||||||||||||||||||||||||
| Investment securities | 982,879 | 1,403,403 | 1,192,423 | 810,873 | 822,735 | |||||||||||||||||||||||||||
| Total deposits | 16,957,823 | 14,027,073 | 9,649,313 | 6,625,845 | 5,575,163 | |||||||||||||||||||||||||||
| FDIC loss-share payable including clawback | — | 19,642 | 19,487 | 8,803 | 6,313 | |||||||||||||||||||||||||||
| Shareholders’ equity | 2,647,088 | 2,469,582 | 1,456,347 | 804,479 | 646,437 | |||||||||||||||||||||||||||
| Selected Average Balances: | ||||||||||||||||||||||||||||||||
| Total assets | $ | 19,240,493 | $ | 14,621,185 | $ | 9,744,001 | $ | 7,330,974 | $ | 6,166,714 | ||||||||||||||||||||||
| Earning assets | 17,370,354 | 13,128,229 | 8,861,205 | 6,759,509 | 5,598,077 | |||||||||||||||||||||||||||
| Loans held for sale | 1,497,051 | 667,078 | 140,273 | 113,657 | 97,995 | |||||||||||||||||||||||||||
| Loans | 14,018,582 | 10,666,978 | 7,426,531 | 5,643,960 | 4,524,710 | |||||||||||||||||||||||||||
| Investment securities | 1,289,800 | 1,400,440 | 1,036,822 | 861,189 | 842,886 | |||||||||||||||||||||||||||
| Total deposits | 15,197,427 | 11,702,441 | 7,862,988 | 5,845,430 | 5,200,241 | |||||||||||||||||||||||||||
| Shareholders’ equity | 2,531,419 | 1,970,780 | 1,178,275 | 770,296 | 613,435 | |||||||||||||||||||||||||||
| Selected Income Statement Data: | ||||||||||||||||||||||||||||||||
| Interest income | $ | 726,503 | $ | 636,394 | $ | 413,326 | $ | 294,347 | $ | 239,065 | ||||||||||||||||||||||
| Interest expense | 88,750 | 131,228 | 69,934 | 34,222 | 19,694 | |||||||||||||||||||||||||||
| Net interest income | 637,753 | 505,166 | 343,392 | 260,125 | 219,371 | |||||||||||||||||||||||||||
| Provision for credit losses | 145,380 | 19,758 | 16,667 | 8,364 | 4,091 | |||||||||||||||||||||||||||
| Noninterest income | 446,500 | 198,113 | 118,412 | 104,457 | 105,801 | |||||||||||||||||||||||||||
| Noninterest expense | 598,629 | 471,937 | 293,647 | 231,936 | 215,835 | |||||||||||||||||||||||||||
| Income before income taxes | 340,244 | 211,584 | 151,490 | 124,282 | 105,246 | |||||||||||||||||||||||||||
| Income tax expense | 78,256 | 50,143 | 30,463 | 50,734 | 33,146 | |||||||||||||||||||||||||||
| Net income | $ | 261,988 | $ | 161,441 | $ | 121,027 | $ | 73,548 | $ | 72,100 | ||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||||||||
| Net income – basic | $ | 3.78 | $ | 2.76 | $ | 2.81 | $ | 2.00 | $ | 2.10 | ||||||||||||||||||||||
| Net income – diluted | 3.77 | 2.75 | 2.80 | 1.98 | 2.08 | |||||||||||||||||||||||||||
| Common book value | 38.06 | 35.53 | 30.66 | 21.59 | 18.51 | |||||||||||||||||||||||||||
| Tangible book value | 23.69 | 20.81 | 18.83 | 17.86 | 14.42 | |||||||||||||||||||||||||||
| Common dividends – cash | 0.60 | 0.50 | 0.40 | 0.40 | 0.30 | |||||||||||||||||||||||||||
| Profitability Ratios | ||||||||||||||||||||||||||||||||
| Net income to average total assets | 1.36 | % | 1.10 | % | 1.24 | % | 1.00 | % | 1.17 | % | ||||||||||||||||||||||
| Net income to average common shareholders’ equity | 10.35 | 8.19 | 10.27 | 9.55 | 11.75 | |||||||||||||||||||||||||||
| Net interest margin | 3.70 | 3.88 | 3.92 | 3.95 | 3.99 | |||||||||||||||||||||||||||
| Efficiency ratio | 55.21 | 67.11 | 63.59 | 63.62 | 66.38 | |||||||||||||||||||||||||||
| Loan Quality Ratios | ||||||||||||||||||||||||||||||||
| Net charge-offs to average loans | 0.31 | % | 0.10 | % | 0.18 | % | 0.12 | % | 0.03 | % | ||||||||||||||||||||||
| Allowance for credit losses on loans to total loans | 1.38 | 0.30 | 0.34 | 0.43 | 0.45 | |||||||||||||||||||||||||||
| Nonperforming assets to total loans and OREO | 0.67 | 0.79 | 0.74 | 0.88 | 1.22 | |||||||||||||||||||||||||||
| Liquidity Ratios | ||||||||||||||||||||||||||||||||
| Loans to total deposits | 85.39 | % | 91.38 | % | 88.21 | % | 91.25 | % | 94.42 | % | ||||||||||||||||||||||
| Average loans to average earnings assets | 80.70 | 81.25 | 83.81 | 83.50 | 80.83 | |||||||||||||||||||||||||||
| Noninterest-bearing deposits to total deposits | 36.27 | 29.94 | 26.12 | 26.82 | 28.22 | |||||||||||||||||||||||||||
| Capital Adequacy Ratios | ||||||||||||||||||||||||||||||||
| Shareholders’ equity to total assets | 12.95 | % | 13.54 | % | 12.73 | % | 10.24 | % | 9.38 | % | ||||||||||||||||||||||
| Common stock dividend payout ratio | 15.87 | 18.12 | 14.23 | 20.00 | 14.29 | |||||||||||||||||||||||||||
| Adjusted Net Income Reconciliation | |||||||||||
| Year Ended | |||||||||||
| December 31, | |||||||||||
| (dollars in thousands except per share data) | 2020 | 2019 | |||||||||
| Net income available to common shareholders | $ | 261,988 | $ | 161,441 | |||||||
| Adjustment items: | |||||||||||
| Merger and conversion charges | 1,391 | 73,105 | |||||||||
| Restructuring charge | 1,513 | 245 | |||||||||
| Servicing right impairment | 40,067 | 507 | |||||||||
| Expenses related to SEC and DOJ investigation | 3,058 | 463 | |||||||||
| Natural disaster and pandemic expenses (Note 1) | 3,296 | (39) | |||||||||
| Gain on BOLI proceeds | (948) | (3,583) | |||||||||
| Loss on sale of premises | 624 | 6,021 | |||||||||
| Tax effect of adjustment items (Note 2) | (10,488) | (16,065) | |||||||||
| After-tax adjustment items | 38,513 | 60,654 | |||||||||
| Tax expense attributable to merger related compensation and acquired BOLI | — | 849 | |||||||||
| Adjusted net income | $ | 300,501 | $ | 222,944 | |||||||
| Average assets | $ | 19,240,493 | $ | 14,621,185 | |||||||
| Reported return on average assets | 1.36 | % | 1.10 | % | |||||||
| Adjusted return on average assets | 1.56 | % | 1.52 | % | |||||||
| Average common equity | $ | 2,531,419 | $ | 1,970,780 | |||||||
| Average tangible common equity | $ | 1,520,303 | $ | 1,189,493 | |||||||
| Reported return on average common equity | 10.35 | % | 8.19 | % | |||||||
| Adjusted return on average tangible common equity | 19.77 | % | 18.74 | % | |||||||
| Total shareholders' equity | $ | 2,647,088 | $ | 2,469,582 | |||||||
| Less: | |||||||||||
| Goodwill | 928,005 | 931,637 | |||||||||
| Other intangibles, net | 71,974 | 91,586 | |||||||||
| Total tangible shareholders' equity | $ | 1,647,109 | $ | 1,446,359 | |||||||
| Period end number of shares | 69,541,481 | 69,503,833 | |||||||||
| Book value per share | $ | 38.06 | $ | 35.53 | |||||||
| Tangible book value per share | $ | 23.69 | $ | 20.81 | |||||||
| Note 1: Pandemic charges include "thank you" pay for certain employees, additional sanitizing expenses at our locations, protective equipment for our employees and branch locations, and additional equipment required to support our remote workforce. | |||||||||||
| Note 2: A portion of the merger and conversion charges for both periods are nondeductible for tax purposes. | |||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate Paid
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate Paid
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Yield/
Rate Paid
|
|||||||||||||||||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal funds sold, interest-bearing deposits in banks and time deposits in other banks | $ | 564,921 | $ | 1,886 | 0.33 | % | $ | 393,733 | $ | 8,815 | 2.24 | % | $ | 257,579 | $ | 5,211 | 2.02 | % | ||||||||||||||||||||||||||||||||||||||
| Investment securities | 1,289,800 | 33,875 | 2.63 | 1,400,440 | 40,889 | 2.92 | 1,036,822 | 30,145 | 2.91 | |||||||||||||||||||||||||||||||||||||||||||||||
| Loans held for sale | 1,497,051 | 47,760 | 3.19 | 667,078 | 25,003 | 3.75 | 140,273 | 5,709 | 4.07 | |||||||||||||||||||||||||||||||||||||||||||||||
| Loans | 14,018,582 | 648,137 | 4.62 | 10,666,978 | 566,037 | 5.31 | 7,426,531 | 376,349 | 5.07 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total interest-earning assets | 17,370,354 | 731,658 | 4.21 | 13,128,229 | 640,744 | 4.88 | 8,861,205 | 417,414 | 4.71 | |||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-earning assets | 1,870,139 | 1,492,956 | 882,796 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 19,240,493 | $ | 14,621,185 | $ | 9,744,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Savings and interest-bearing demand deposits | $ | 7,584,732 | $ | 25,744 | 0.34 | % | $ | 5,641,123 | $ | 53,048 | 0.94 | % | $ | 4,032,178 | $ | 26,594 | 0.66 | % | ||||||||||||||||||||||||||||||||||||||
| Time deposits | 2,385,296 | 33,323 | 1.40 | 2,696,533 | 49,485 | 1.84 | 1,666,639 | 22,460 | 1.35 | |||||||||||||||||||||||||||||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 12,115 | 82 | 0.68 | 14,043 | 86 | 0.61 | 15,692 | 23 | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||
| FHLB advances | 849,546 | 7,701 | 0.91 | 483,735 | 10,044 | 2.08 | 421,891 | 8,153 | 1.93 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other borrowings | 297,023 | 15,191 | 5.11 | 186,798 | 11,127 | 5.96 | 113,496 | 6,856 | 6.04 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated deferrable interest debentures | 124,632 | 6,709 | 5.38 | 110,129 | 7,438 | 6.75 | 87,444 | 5,848 | 6.69 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 11,253,344 | 88,750 | 0.79 | 9,132,361 | 131,228 | 1.44 | 6,337,340 | 69,934 | 1.10 | |||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 5,227,399 | 3,364,785 | 2,164,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 228,331 | 153,259 | 64,215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | 2,531,419 | 1,970,780 | 1,178,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 19,240,493 | $ | 14,621,185 | $ | 9,744,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate spread | 3.42 | % | 3.44 | % | 3.61 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 642,908 | $ | 509,516 | $ | 347,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 3.70 | % | 3.88 | % | 3.92 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 vs. 2019 | 2019 vs. 2018 | |||||||||||||||||||||||||||||||||||||
| Increase | Changes Due To | Increase | Changes Due To | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | (Decrease) | Rate | Volume | (Decrease) | Rate | Volume | ||||||||||||||||||||||||||||||||
| Increase (decrease) in: | ||||||||||||||||||||||||||||||||||||||
| Income from earning assets: | ||||||||||||||||||||||||||||||||||||||
| Interest on federal funds sold, interest-bearing deposits in banks and time deposits in other banks | $ | (6,929) | $ | (10,762) | $ | 3,833 | $ | 3,604 | $ | 850 | $ | 2,754 | ||||||||||||||||||||||||||
| Interest on investment securities | (7,014) | (3,784) | (3,230) | 10,744 | 172 | 10,572 | ||||||||||||||||||||||||||||||||
| Interest on loans held for sale | 22,757 | (8,352) | 31,109 | 19,294 | (2,147) | 21,441 | ||||||||||||||||||||||||||||||||
| Interest and fees on loans | 82,100 | (95,751) | 177,851 | 189,688 | 25,474 | 164,214 | ||||||||||||||||||||||||||||||||
| Total interest income | 90,914 | (118,649) | 209,563 | 223,330 | 24,349 | 198,981 | ||||||||||||||||||||||||||||||||
| Expense from interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
| Interest on savings and interest-bearing demand deposits | (27,304) | (45,581) | 18,277 | 26,454 | 15,842 | 10,612 | ||||||||||||||||||||||||||||||||
| Interest on time deposits | (16,162) | (10,450) | (5,712) | 27,025 | 13,146 | 13,879 | ||||||||||||||||||||||||||||||||
| Interest on federal funds purchased and securities sold under agreements to repurchase | (4) | 8 | (12) | 63 | 65 | (2) | ||||||||||||||||||||||||||||||||
| Interest on FHLB advances | (2,343) | (9,938) | 7,595 | 1,891 | 696 | 1,195 | ||||||||||||||||||||||||||||||||
| Interest on other borrowings | 4,064 | (2,502) | 6,566 | 4,271 | (157) | 4,428 | ||||||||||||||||||||||||||||||||
| Interest on trust preferred securities | (729) | (1,709) | 980 | 1,590 | 73 | 1,517 | ||||||||||||||||||||||||||||||||
| Total interest expense | (42,478) | (70,172) | 27,694 | 61,294 | 29,665 | 31,629 | ||||||||||||||||||||||||||||||||
| Net interest income | $ | 133,392 | $ | (48,477) | $ | 181,869 | $ | 162,036 | $ | (5,316) | $ | 167,352 | ||||||||||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
| Service charges on deposit accounts | $ | 44,145 | $ | 50,792 | $ | 46,128 | ||||||||||||||
| Mortgage banking activities | 374,077 | 119,409 | 53,654 | |||||||||||||||||
| Other service charges, commissions and fees | 3,914 | 3,566 | 2,971 | |||||||||||||||||
| Net gain (loss) on securities | 5 | 138 | (37) | |||||||||||||||||
| Gain on sale of SBA loans | 7,226 | 6,058 | 2,728 | |||||||||||||||||
| Other noninterest income | 17,133 | 18,150 | 12,968 | |||||||||||||||||
| $ | 446,500 | $ | 198,113 | $ | 118,412 | |||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
| Salaries and employee benefits | $ | 360,278 | $ | 223,938 | $ | 149,132 | ||||||||||||||
| Occupancy and equipment | 52,349 | 40,596 | 29,131 | |||||||||||||||||
| Advertising and marketing | 8,046 | 7,927 | 5,571 | |||||||||||||||||
| Amortization of intangible assets | 19,612 | 17,713 | 9,512 | |||||||||||||||||
| Data processing and communications expenses | 46,017 | 38,513 | 30,385 | |||||||||||||||||
| Legal and other professional fees | 15,972 | 10,634 | 6,386 | |||||||||||||||||
| Credit resolution-related expenses | 5,106 | 4,082 | 4,016 | |||||||||||||||||
| Merger and conversion charges | 1,391 | 73,105 | 20,499 | |||||||||||||||||
| FDIC insurance | 14,078 | 1,945 | 3,408 | |||||||||||||||||
| Other noninterest expenses | 75,780 | 53,484 | 35,607 | |||||||||||||||||
| $ | 598,629 | $ | 471,937 | $ | 293,647 | |||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ | 1,627,477 | $ | 802,171 | $ | 680,720 | $ | 431,470 | $ | 324,120 | ||||||||||||||||||||||
| Consumer installment | 306,995 | 498,577 | 482,559 | 327,430 | 114,055 | |||||||||||||||||||||||||||
| Indirect automobile | 580,083 | 1,061,824 | — | — | — | |||||||||||||||||||||||||||
| Mortgage warehouse | 916,353 | 526,369 | 360,922 | 235,300 | 194,486 | |||||||||||||||||||||||||||
| Municipal | 659,403 | 564,304 | 597,945 | 522,880 | 385,697 | |||||||||||||||||||||||||||
| Premium finance | 687,841 | 654,669 | 410,381 | 482,536 | 353,858 | |||||||||||||||||||||||||||
| Real estate - construction and development | 1,606,710 | 1,549,062 | 899,097 | 690,108 | 444,413 | |||||||||||||||||||||||||||
| Real estate - commercial and farmland | 5,300,006 | 4,353,039 | 3,152,388 | 2,003,685 | 1,982,573 | |||||||||||||||||||||||||||
| Real estate - residential | 2,796,057 | 2,808,461 | 1,927,902 | 1,352,946 | 1,465,124 | |||||||||||||||||||||||||||
| Loans, net of unearned income | $ | 14,480,925 | $ | 12,818,476 | $ | 8,511,914 | $ | 6,046,355 | $ | 5,264,326 | ||||||||||||||||||||||
| (dollars in thousands) |
Committed
Amount |
Average
Rate |
Average
Maturity (months) |
%
Unsecured |
% in
Nonaccrual Status |
|||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ | 63,559 | 3.13 | % | 24 | 2.70 | % | — | % | |||||||||||||||||||||||
| Mortgage warehouse | 908,315 | 3.13 | % | 3 | — | — | % | |||||||||||||||||||||||||
| Municipal | 57,635 | 2.37 | % | 138 | — | — | % | |||||||||||||||||||||||||
| Real estate - construction and development | 212,406 | 3.25 | % | 29 | — | — | % | |||||||||||||||||||||||||
| Real estate - commercial and farmland | 387,412 | 3.81 | % | 70 | — | — | % | |||||||||||||||||||||||||
| Real estate - residential | 143 | 4.00 | % | 60 | — | — | % | |||||||||||||||||||||||||
| Total | $ | 1,629,470 | 3.34 | % | 35 | 0.11 | % | — | % | |||||||||||||||||||||||
| Contractual Maturity in: | ||||||||||||||||||||||||||
| (dollars in thousands) |
One Year
or Less
|
Over
One Year
through
Five Years
|
Over
Five Years
|
Total | ||||||||||||||||||||||
| Commercial, financial and agricultural | $ | 165,316 | $ | 1,286,868 | $ | 175,293 | $ | 1,627,477 | ||||||||||||||||||
| Consumer installment | 32,093 | 91,994 | 182,908 | 306,995 | ||||||||||||||||||||||
| Indirect automobile | 20,356 | 527,676 | 32,051 | 580,083 | ||||||||||||||||||||||
| Mortgage warehouse | 916,353 | — | — | 916,353 | ||||||||||||||||||||||
| Municipal | 15,162 | 61,146 | 583,095 | 659,403 | ||||||||||||||||||||||
| Premium finance | 682,216 | 5,625 | — | 687,841 | ||||||||||||||||||||||
| Real estate - construction and development | 582,231 | 732,937 | 291,542 | 1,606,710 | ||||||||||||||||||||||
| Real estate - commercial and farmland | 530,667 | 2,330,539 | 2,438,800 | 5,300,006 | ||||||||||||||||||||||
| Real estate - residential | 73,585 | 208,911 | 2,513,561 | 2,796,057 | ||||||||||||||||||||||
| $ | 3,017,979 | $ | 5,245,696 | $ | 6,217,250 | $ | 14,480,925 | |||||||||||||||||||
| (dollars in thousands) | December 31, 2020 | ||||
| Predetermined interest rates | $ | 8,392,113 | |||
| Floating or adjustable interest rates | 3,070,833 | ||||
| $ | 11,462,946 | ||||
| December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ | — | $ | 15 | $ | 577 | $ | 140 | $ | 794 | ||||||||||||||||||||||
| Real estate – construction and development | — | 140 | 730 | 195 | 2,992 | |||||||||||||||||||||||||||
| Real estate – commercial and farmland | — | 28 | 74 | 107 | 12,917 | |||||||||||||||||||||||||||
| Real estate – residential | — | 29,937 | 36,618 | 29,604 | 41,389 | |||||||||||||||||||||||||||
| Consumer installment | — | 204 | 97 | 107 | 68 | |||||||||||||||||||||||||||
| Total covered loans | $ | — | $ | 30,324 | $ | 38,096 | $ | 30,153 | $ | 58,160 | ||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | Amount | % of Loans to Total Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ | 7,359 | 11 | % | $ | 4,567 | 6 | % | $ | 2,352 | 8 | % | $ | 2,693 | 7 | % | $ | 1,451 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||
| Consumer installment | 4,076 | 2 | 3,784 | 4 | 3,795 | 6 | 1,926 | 5 | 878 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indirect automobile | 1,929 | 4 | — | 8 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage warehouse | 3,666 | 6 | 640 | 4 | 640 | 4 | 640 | 4 | 642 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Municipal | 791 | 5 | 484 | 4 | 509 | 7 | 519 | 9 | 381 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premium finance | 3,879 | 5 | 2,550 | 5 | 1,426 | 5 | 819 | 8 | 360 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate – construction and development | 45,304 | 11 | 5,995 | 12 | 4,210 | 11 | 4,743 | 11 | 3,142 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate – commercial and farmland | 88,894 | 37 | 9,666 | 35 | 9,659 | 36 | 8,408 | 34 | 8,047 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real estate - residential | 43,524 | 19 | 10,503 | 22 | 6,228 | 23 | 6,043 | 22 | 9,019 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 199,422 | 100 | % | $ | 38,189 | 100 | % | $ | 28,819 | 100 | % | $ | 25,791 | 100 | % | $ | 23,920 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Balance of allowance for credit losses on loans at beginning of period | $ | 38,189 | $ | 28,819 | $ | 25,791 | $ | 23,920 | $ | 21,062 | ||||||||||||||||||||||
| Adjustment to allowance for adoption of ASU 2016-13 | 78,661 | — | — | — | — | |||||||||||||||||||||||||||
| Provision charged to operating expense | 125,488 | 19,758 | 16,667 | 8,364 | 4,091 | |||||||||||||||||||||||||||
| Charge-offs: | ||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | 10,647 | 3,460 | 1,908 | 2,829 | 1,547 | |||||||||||||||||||||||||||
| Consumer installment | 5,642 | 5,899 | 4,414 | 1,676 | 409 | |||||||||||||||||||||||||||
| Indirect automobile | 3,602 | 1,904 | — | — | — | |||||||||||||||||||||||||||
| Mortgage warehouse | — | — | — | — | 640 | |||||||||||||||||||||||||||
| Municipal | — | — | — | — | — | |||||||||||||||||||||||||||
| Premium finance | 6,133 | 4,351 | 12,467 | 1,172 | — | |||||||||||||||||||||||||||
| Real estate – construction and development | 83 | 414 | 731 | 253 | 1,109 | |||||||||||||||||||||||||||
| Real estate – commercial and farmland | 27,504 | 3,342 | 356 | 1,374 | 1,280 | |||||||||||||||||||||||||||
| Real estate - residential | 853 | 491 | 1,255 | 3,163 | 1,342 | |||||||||||||||||||||||||||
| Total charge-offs | 54,464 | 19,861 | 21,131 | 10,467 | 6,327 | |||||||||||||||||||||||||||
| Recoveries: | ||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | 1,889 | 1,838 | 1,684 | 644 | 1,145 | |||||||||||||||||||||||||||
| Consumer Installment | 1,753 | 1,620 | 815 | 265 | 330 | |||||||||||||||||||||||||||
| Indirect Automobile | 1,657 | 445 | — | — | — | |||||||||||||||||||||||||||
| Mortgage Warehouse | — | — | — | — | — | |||||||||||||||||||||||||||
| Municipal | — | — | — | — | — | |||||||||||||||||||||||||||
| Premium Finance | 3,189 | 2,754 | 2,821 | 914 | — | |||||||||||||||||||||||||||
| Real estate – construction and development | 817 | 1,745 | 712 | 465 | 686 | |||||||||||||||||||||||||||
| Real estate – commercial and farmland | 1,449 | 332 | 752 | 1,087 | 1,754 | |||||||||||||||||||||||||||
| Real estate - residential | 794 | 739 | 708 | 599 | 1,179 | |||||||||||||||||||||||||||
| Total recoveries | 11,548 | 9,473 | 7,492 | 3,974 | 5,094 | |||||||||||||||||||||||||||
| Net charge-offs | 42,916 | 10,388 | 13,639 | 6,493 | 1,233 | |||||||||||||||||||||||||||
| Balance of allowance for credit losses on loans at end of period | $ | 199,422 | $ | 38,189 | $ | 28,819 | $ | 25,791 | $ | 23,920 | ||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Allowance for credit losses on loans at end of period | $ | 199,422 | $ | 38,189 | $ | 28,819 | $ | 25,791 | $ | 23,920 | ||||||||||||||||||||||
| Net charge-offs (recoveries) for the period | 42,916 | 10,388 | 13,639 | 6,493 | 1,233 | |||||||||||||||||||||||||||
| Loan balances: | ||||||||||||||||||||||||||||||||
| End of period | 14,480,925 | 12,818,476 | 8,511,914 | 6,046,355 | 5,264,326 | |||||||||||||||||||||||||||
| Average for the period | 14,018,582 | 10,666,978 | 7,426,531 | 5,643,960 | 4,524,710 | |||||||||||||||||||||||||||
| Net charge-offs as a percentage of average loans | 0.31 | % | 0.10 | % | 0.18 | % | 0.12 | % | 0.03 | % | ||||||||||||||||||||||
| Allowance for credit losses on loans as a percentage of end of period loans | 1.38 | % | 0.30 | % | 0.34 | % | 0.43 | % | 0.45 | % | ||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Nonaccrual loans | ||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ | 9,836 | $ | 9,236 | $ | 2,611 | $ | 2,120 | $ | 2,505 | ||||||||||||||||||||||
| Consumer installment | 709 | 831 | 1,015 | 531 | 609 | |||||||||||||||||||||||||||
| Indirect automobile | 2,831 | 1,746 | — | — | — | |||||||||||||||||||||||||||
| Premium finance | — | 600 | — | — | — | |||||||||||||||||||||||||||
| Real estate - construction and development | 5,407 | 1,988 | 7,011 | 3,692 | 3,159 | |||||||||||||||||||||||||||
| Real estate - commercial and farmland | 18,517 | 23,797 | 10,187 | 8,350 | 18,930 | |||||||||||||||||||||||||||
| Real estate - residential | 39,157 | 36,926 | 21,234 | 14,937 | 15,877 | |||||||||||||||||||||||||||
| Total | $ | 76,457 | $ | 75,124 | $ | 42,058 | $ | 29,630 | $ | 41,080 | ||||||||||||||||||||||
| Loans contractually past due 90 days or more as to interest or principal payments and still accruing | $ | 8,326 | $ | 5,754 | $ | 4,222 | $ | 5,991 | $ | — | ||||||||||||||||||||||
|
As of December 31, 2020
|
Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Loan class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural | 9 | $ | 521 | 11 | $ | 849 | ||||||||||||||||||||
| Consumer installment | 10 | 32 | 20 | 56 | ||||||||||||||||||||||
| Indirect automobile | 437 | 2,277 | 51 | 461 | ||||||||||||||||||||||
| Real estate - construction and development | 4 | 506 | 5 | 707 | ||||||||||||||||||||||
| Real estate - commercial and farmland | 28 | 36,707 | 7 | 1,401 | ||||||||||||||||||||||
| Real estate - residential | 264 | 38,800 | 34 | 2,671 | ||||||||||||||||||||||
| Total | 752 | $ | 78,843 | 128 | $ | 6,145 | ||||||||||||||||||||
|
As of December 31, 2019
|
Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Loan class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural | 5 | $ | 516 | 17 | $ | 335 | ||||||||||||||||||||
| Consumer installment | 4 | 8 | 27 | 107 | ||||||||||||||||||||||
| Premium finance | 1 | 156 | — | — | ||||||||||||||||||||||
| Real estate - construction and development | 6 | 936 | 3 | 253 | ||||||||||||||||||||||
| Real estate - commercial and farmland | 21 | 6,732 | 8 | 2,071 | ||||||||||||||||||||||
| Real estate - residential | 197 | 21,261 | 40 | 2,857 | ||||||||||||||||||||||
| Total | 234 | $ | 29,609 | 95 | $ | 5,623 | ||||||||||||||||||||
|
As of December 31, 2020
|
Loans Currently
Paying Under
Restructured Terms
|
Loans that have
Defaulted Under
Restructured Terms
|
||||||||||||||||||||||||
| Loan class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural | 11 | $ | 532 | 9 | $ | 839 | ||||||||||||||||||||
| Consumer installment | 12 | 33 | 18 | 55 | ||||||||||||||||||||||
| Indirect automobile | 411 | 2,138 | 77 | 600 | ||||||||||||||||||||||
| Real estate - construction and development | 5 | 507 | 4 | 706 | ||||||||||||||||||||||
| Real estate - commercial and farmland | 29 | 36,512 | 6 | 1,595 | ||||||||||||||||||||||
| Real estate - residential | 249 | 35,348 | 49 | 6,123 | ||||||||||||||||||||||
| Total | 717 | $ | 75,070 | 163 | $ | 9,918 | ||||||||||||||||||||
|
As of December 31, 2019
|
Loans Currently
Paying Under Restructured Terms |
Loans that have
Defaulted Under Restructured Terms |
||||||||||||||||||||||||
| Loan class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural | 11 | $ | 730 | 11 | $ | 121 | ||||||||||||||||||||
| Consumer installment | 18 | 58 | 13 | 57 | ||||||||||||||||||||||
| Premium finance | 1 | 156 | — | — | ||||||||||||||||||||||
| Real estate - construction and development | 8 | 1,187 | 1 | 2 | ||||||||||||||||||||||
| Real estate - commercial and farmland | 22 | 6,437 | 7 | 2,366 | ||||||||||||||||||||||
| Real estate - residential | 182 | 19,664 | 55 | 4,454 | ||||||||||||||||||||||
| Total | 242 | $ | 28,232 | 87 | $ | 7,000 | ||||||||||||||||||||
|
As of December 31, 2020
|
Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Type of Concession | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Forgiveness of interest | 1 | $ | 73 | — | $ | — | ||||||||||||||||||||
| Forbearance of interest | 19 | 2,255 | 7 | 1,044 | ||||||||||||||||||||||
| Forbearance of principal | 563 | 58,131 | 72 | 3,372 | ||||||||||||||||||||||
| Forbearance of principal, extended amortization | — | — | 1 | 204 | ||||||||||||||||||||||
| Rate reduction only | 66 | 8,893 | 4 | 525 | ||||||||||||||||||||||
| Rate reduction, maturity extension | — | — | 1 | 5 | ||||||||||||||||||||||
| Rate reduction, forbearance of interest | 41 | 3,472 | 9 | 389 | ||||||||||||||||||||||
| Rate reduction, forbearance of principal | 21 | 2,609 | 25 | 193 | ||||||||||||||||||||||
| Rate reduction, forgiveness of interest | 41 | 3,410 | 8 | 412 | ||||||||||||||||||||||
| Rate reduction, forgiveness of principal | — | — | 1 | 1 | ||||||||||||||||||||||
| Total | 752 | $ | 78,843 | 128 | $ | 6,145 | ||||||||||||||||||||
|
As of December 31, 2019
|
Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Type of Concession | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Forbearance of interest | 16 | $ | 1,860 | 14 | $ | 1,993 | ||||||||||||||||||||
| Forgiveness of principal | — | — | 1 | 666 | ||||||||||||||||||||||
| Forbearance of principal | 27 | 6,294 | 10 | 605 | ||||||||||||||||||||||
| Forbearance of principal, extended amortization | — | — | 1 | 225 | ||||||||||||||||||||||
| Rate reduction only | 72 | 9,887 | 7 | 538 | ||||||||||||||||||||||
| Rate reduction, maturity extension | — | — | 2 | 15 | ||||||||||||||||||||||
| Rate reduction, forbearance of interest | 49 | 4,250 | 19 | 793 | ||||||||||||||||||||||
| Rate reduction, forbearance of principal | 19 | 3,267 | 30 | 264 | ||||||||||||||||||||||
| Rate reduction, forgiveness of interest | 51 | 4,051 | 10 | 523 | ||||||||||||||||||||||
| Rate reduction, forgiveness of principal | — | — | 1 | 1 | ||||||||||||||||||||||
| Total | 234 | $ | 29,609 | 95 | $ | 5,623 | ||||||||||||||||||||
|
As of December 31, 2020
|
Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Collateral Type | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Warehouse | 4 | $ | 248 | 2 | $ | 305 | ||||||||||||||||||||
| Raw land | 5 | 4,611 | 7 | 1,135 | ||||||||||||||||||||||
| Hotel and motel | 4 | 22,372 | — | — | ||||||||||||||||||||||
| Office | 6 | 1,281 | — | — | ||||||||||||||||||||||
| Retail, including strip centers | 13 | 8,627 | — | — | ||||||||||||||||||||||
| 1-4 family residential | 266 | 38,913 | 35 | 3,170 | ||||||||||||||||||||||
| Church | — | — | 1 | 166 | ||||||||||||||||||||||
| Automobile/equipment/CD | 454 | 2,791 | 82 | 1,368 | ||||||||||||||||||||||
| Unsecured | — | — | 1 | 1 | ||||||||||||||||||||||
| Total | 752 | $ | 78,843 | 128 | $ | 6,145 | ||||||||||||||||||||
|
As of December 31, 2019
|
Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Collateral Type | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Warehouse | 4 | $ | 267 | 2 | $ | 442 | ||||||||||||||||||||
| Raw land | 5 | 869 | 5 | 732 | ||||||||||||||||||||||
| Hotel and motel | 2 | 364 | 1 | 241 | ||||||||||||||||||||||
| Office | 3 | 531 | 1 | 342 | ||||||||||||||||||||||
| Retail, including strip centers | 11 | 5,520 | — | — | ||||||||||||||||||||||
| 1-4 family residential | 200 | 21,404 | 40 | 3,232 | ||||||||||||||||||||||
| Church | — | — | 1 | 183 | ||||||||||||||||||||||
| Automobile/equipment/CD | 8 | 498 | 43 | 436 | ||||||||||||||||||||||
| Livestock | — | — | 1 | 14 | ||||||||||||||||||||||
| Unsecured | 1 | 156 | 1 | 1 | ||||||||||||||||||||||
| Total | 234 | $ | 29,609 | 95 | $ | 5,623 | ||||||||||||||||||||
| (dollars in thousands) | COVID-19 Deferrals | Deferrals as a % of total loans | |||||||||
| Commercial, financial and agricultural | $ | 12,471 | 0.8 | % | |||||||
| Consumer installment | 1,418 | 0.5 | % | ||||||||
| Indirect automobile | 8,936 | 1.5 | % | ||||||||
| Real estate – construction and development | 11,049 | 0.7 | % | ||||||||
| Real estate – commercial and farmland | 179,183 | 3.4 | % | ||||||||
| Real estate – residential | 119,722 | 4.3 | % | ||||||||
| $ | 332,779 | 2.3 | % | ||||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||
| Maturing or Repricing Within | ||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Zero to
Three
Months
|
Three
Months to
One Year
|
One to
Five
Years
|
Over
Five
Years
|
Total | |||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||||||
| Federal funds sold and interest-bearing deposits in banks | $ | 1,913,957 | $ | — | $ | — | $ | — | $ | 1,913,957 | ||||||||||||||||||||||
| Time deposits in other banks | — | 249 | — | — | 249 | |||||||||||||||||||||||||||
| Investment securities | 24,957 | 112,788 | 345,009 | 500,125 | 982,879 | |||||||||||||||||||||||||||
| Loans held for sale | 1,167,659 | — | — | — | 1,167,659 | |||||||||||||||||||||||||||
| Loans | 2,811,563 | 1,533,617 | 5,402,717 | 4,733,028 | 14,480,925 | |||||||||||||||||||||||||||
| 5,918,136 | 1,646,654 | 5,747,726 | 5,233,153 | 18,545,669 | ||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | 3,241,057 | — | — | — | 3,241,057 | |||||||||||||||||||||||||||
| Money market deposit accounts | 4,683,203 | — | — | — | 4,683,203 | |||||||||||||||||||||||||||
| Savings | 837,711 | — | — | — | 837,711 | |||||||||||||||||||||||||||
| Time deposits | 521,349 | 1,170,177 | 351,910 | 1,346 | 2,044,782 | |||||||||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 11,641 | — | — | — | 11,641 | |||||||||||||||||||||||||||
| FHLB advances | — | — | 15,000 | 33,955 | 48,955 | |||||||||||||||||||||||||||
| Other borrowings | — | — | 376,200 | — | 376,200 | |||||||||||||||||||||||||||
| Trust preferred securities | 124,345 | — | — | — | 124,345 | |||||||||||||||||||||||||||
| 9,419,306 | 1,170,177 | 743,110 | 35,301 | 11,367,894 | ||||||||||||||||||||||||||||
| Interest rate sensitivity gap | $ | (3,501,170) | $ | 476,477 | $ | 5,004,616 | $ | 5,197,852 | $ | 7,177,775 | ||||||||||||||||||||||
| Cumulative interest rate sensitivity gap | $ | (3,501,170) | $ | (3,024,693) | $ | 1,979,923 | $ | 7,177,775 | ||||||||||||||||||||||||
| Interest rate sensitivity gap ratio | 0.63 | 1.41 | 7.73 | 148.24 | ||||||||||||||||||||||||||||
| Cumulative interest rate sensitivity gap ratio | 0.63 | 0.71 | 1.17 | 1.63 | ||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
| U.S. government sponsored agencies | $ | 17,504 | $ | 22,362 | $ | — | ||||||||||||||
| State, county and municipal securities | 66,778 | 105,260 | 150,733 | |||||||||||||||||
| Corporate debt securities | 51,896 | 52,999 | 67,314 | |||||||||||||||||
| SBA pool securities | 62,497 | 73,912 | 77,804 | |||||||||||||||||
| Mortgage-backed securities | 784,204 | 1,148,870 | 896,572 | |||||||||||||||||
| $ | 982,879 | $ | 1,403,403 | $ | 1,192,423 | |||||||||||||||
| U.S. Government Sponsored Agencies |
State, County and
Municipal Securities
|
Corporate Debt
Securities |
||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Amount |
Yield
(1)
|
Amount |
Yield
(1)(2)
|
Amount |
Yield
(1)
|
||||||||||||||||||||||||||||||||
| One year or less | $ | 10,107 | 1.94 | % | $ | 11,449 | 3.55 | % | $ | 8,538 | 2.19 | % | ||||||||||||||||||||||||||
| After one year through five years | 7,397 | 1.93 | % | 21,635 | 3.83 | % | 6,085 | 3.47 | % | |||||||||||||||||||||||||||||
| After five years through ten years | — | — | % | 21,720 | 3.76 | % | 35,590 | 5.34 | % | |||||||||||||||||||||||||||||
| After ten years | — | — | % | 11,974 | 4.02 | % | 1,683 | 4.35 | % | |||||||||||||||||||||||||||||
| $ | 17,504 | 1.93 | % | $ | 66,778 | 3.79 | % | $ | 51,896 | 4.57 | % | |||||||||||||||||||||||||||
| SBA Pool Securities | Mortgage-backed Securities | |||||||||||||||||||||||||||||||||||||
| Amount |
Yield
(1)
|
Amount |
Yield
(1)
|
|||||||||||||||||||||||||||||||||||
| One year or less | $ | 134 | 2.02 | % | $ | 333 | 2.92 | % | ||||||||||||||||||||||||||||||
| After one year through five years | 16,159 | 2.19 | % | 98,709 | 2.73 | % | ||||||||||||||||||||||||||||||||
| After five years through ten years | 11,662 | 2.27 | % | 207,776 | 2.67 | % | ||||||||||||||||||||||||||||||||
| After ten years | 34,542 | 2.47 | % | 477,386 | 2.17 | % | ||||||||||||||||||||||||||||||||
| $ | 62,497 | 2.36 | % | $ | 784,204 | 2.37 | % | |||||||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||||||||
| (dollars in thousands) | Amount | Rate | Amount | Rate | ||||||||||||||||||||||
| Noninterest-bearing demand | $ | 5,227,399 | — | % | $ | 3,364,785 | — | % | ||||||||||||||||||
| NOW | 2,605,349 | 0.25 | 1,831,024 | 0.54 | ||||||||||||||||||||||
| Money market | 4,259,467 | 0.44 | 3,280,233 | 1.29 | ||||||||||||||||||||||
| Savings | 719,916 | 0.08 | 529,866 | 0.13 | ||||||||||||||||||||||
| Time | 2,385,296 | 1.40 | 2,696,533 | 1.84 | ||||||||||||||||||||||
| Total deposits | $ | 15,197,427 | 0.39 | % | $ | 11,702,441 | 0.88 | % | ||||||||||||||||||
| (dollars in thousands) | December 31, 2020 | ||||
| Three months or less | $ | 326,314 | |||
| Three months to one year | 717,212 | ||||
| One year or greater | 197,324 | ||||
| Total | $ | 1,240,850 | |||
| December 31, | ||||||||||||||
| (dollars in thousands) | 2020 | 2019 | ||||||||||||
| Commitments to extend credit | $ | 2,826,719 | $ | 2,486,949 | ||||||||||
| Unused lines of credit | 259,015 | 262,089 | ||||||||||||
| Financial standby letters of credit | 33,613 | 29,232 | ||||||||||||
| Mortgage interest rate lock commitments | 1,199,939 | 288,490 | ||||||||||||
| Mortgage forward contracts with positive fair value | — | — | ||||||||||||
| Mortgage forward contracts with negative fair value | 2,128,000 | 1,814,669 | ||||||||||||
| $ | 6,447,286 | $ | 4,881,429 | |||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
Average
Balance
|
Average
Rate
|
||||||||||||||||||||||||||||||||
| Federal funds purchased and securities sold under agreement to repurchase | $ | 12,115 | 0.68 | % | $ | 14,043 | 0.61 | % | $ | 15,692 | 0.15 | % | ||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Total
Balance
|
Total
Balance
|
Total
Balance |
|||||||||||||||||||||||||||||||||||
| Total maximum short-term borrowings outstanding at any month-end during the year | $ | 15,998 | $ | 23,626 | $ | 23,270 | ||||||||||||||||||||||||||||||||
|
Payments Due After December 31, 2020
|
||||||||||||||||||||||||||||||||
| (dollars in thousands) | Total |
1 Year
or Less
|
1-3
Years
|
4-5
Years
|
>5
Years
|
|||||||||||||||||||||||||||
| Deposits without a stated maturity | $ | 14,913,041 | $ | 14,913,041 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Time certificates of deposit | 2,044,782 | 1,691,527 | 308,429 | 43,480 | 1,346 | |||||||||||||||||||||||||||
| Repurchase agreements with customers | 11,641 | 11,641 | — | — | — | |||||||||||||||||||||||||||
| Other borrowings | 428,759 | — | — | 15,000 | 413,759 | |||||||||||||||||||||||||||
| Subordinated deferrable interest debentures | 154,390 | — | — | — | 154,390 | |||||||||||||||||||||||||||
| Operating lease obligations | 81,901 | 13,164 | 19,403 | 14,643 | 34,691 | |||||||||||||||||||||||||||
| Strategic marketing and promotional arrangements | 3,600 | 900 | 1,800 | 900 | — | |||||||||||||||||||||||||||
| Total contractual cash obligations | $ | 17,638,114 | $ | 16,630,273 | $ | 329,632 | $ | 74,023 | $ | 604,186 | ||||||||||||||||||||||
| Actual | Required | Excess | ||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
|
Tier 1 Leverage Ratio
(tier 1 capital to average assets)
|
||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 1,701,997 | 8.99 | % | $ | 757,195 | 4.00 | % | $ | 944,802 | 4.99 | % | ||||||||||||||||||||||||||
| Ameris Bank | $ | 1,964,717 | 10.39 | % | $ | 756,510 | 4.00 | % | $ | 1,208,207 | 6.39 | % | ||||||||||||||||||||||||||
|
CET1 Ratio
(common equity tier 1 capital to risk weighted assets)
|
||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 1,701,997 | 11.14 | % | $ | 1,069,425 | 7.00 | % | $ | 632,572 | 4.14 | % | ||||||||||||||||||||||||||
| Ameris Bank | $ | 1,964,717 | 12.87 | % | $ | 1,068,756 | 7.00 | % | $ | 895,961 | 5.87 | % | ||||||||||||||||||||||||||
|
Tier 1 Capital Ratio
(tier 1 capital to risk weighted assets)
|
||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 1,701,997 | 11.14 | % | $ | 1,298,588 | 8.50 | % | $ | 403,409 | 2.64 | % | ||||||||||||||||||||||||||
| Ameris Bank | $ | 1,964,717 | 12.87 | % | $ | 1,297,775 | 8.50 | % | $ | 666,942 | 4.37 | % | ||||||||||||||||||||||||||
|
Total Capital Ratio
(total capital to risk weighted assets)
|
||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 2,332,385 | 15.27 | % | $ | 1,604,138 | 10.50 | % | $ | 728,247 | 4.77 | % | ||||||||||||||||||||||||||
| Ameris Bank | $ | 2,165,760 | 14.19 | % | $ | 1,603,134 | 10.50 | % | $ | 562,626 | 3.69 | % | ||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||
| Selected Income Statement Data: | ||||||||||||||||||||||||||
| Interest income | $ | 178,783 | $ | 179,934 | $ | 185,018 | $ | 182,768 | ||||||||||||||||||
| Interest expense | 15,327 | 17,396 | 21,204 | 34,823 | ||||||||||||||||||||||
| Net interest income | 163,456 | 162,538 | 163,814 | 147,945 | ||||||||||||||||||||||
| Provision for credit losses | (1,510) | 17,682 | 88,161 | 41,047 | ||||||||||||||||||||||
| Net interest income after provision for credit losses | 164,966 | 144,856 | 75,653 | 106,898 | ||||||||||||||||||||||
| Noninterest income | 112,143 | 159,018 | 120,960 | 54,379 | ||||||||||||||||||||||
| Noninterest expense excluding merger and conversion charges | 151,116 | 153,736 | 154,873 | 137,513 | ||||||||||||||||||||||
| Merger and conversion charges | — | (44) | 895 | 540 | ||||||||||||||||||||||
| Income before income taxes | 125,993 | 150,182 | 40,845 | 23,224 | ||||||||||||||||||||||
| Income tax | 31,708 | 34,037 | 8,609 | 3,902 | ||||||||||||||||||||||
| Net income | $ | 94,285 | $ | 116,145 | $ | 32,236 | $ | 19,322 | ||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||||
| Net income – basic | $ | 1.36 | $ | 1.68 | $ | 0.47 | $ | 0.28 | ||||||||||||||||||
| Net income – diluted | 1.36 | 1.67 | 0.47 | 0.28 | ||||||||||||||||||||||
| Common dividends - cash | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||
| (dollars in thousands) | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||||||||||||
| Selected Income Statement Data: | ||||||||||||||||||||||||||
| Interest income | $ | 194,076 | $ | 188,361 | $ | 129,028 | $ | 124,929 | ||||||||||||||||||
| Interest expense | 38,725 | 39,592 | 27,377 | 25,534 | ||||||||||||||||||||||
| Net interest income | 155,351 | 148,769 | 101,651 | 99,395 | ||||||||||||||||||||||
| Provision for credit losses | 5,693 | 5,989 | 4,668 | 3,408 | ||||||||||||||||||||||
| Net interest income after provision for credit losses | 149,658 | 142,780 | 96,983 | 95,987 | ||||||||||||||||||||||
| Noninterest income | 55,113 | 76,993 | 35,236 | 30,771 | ||||||||||||||||||||||
| Noninterest expense excluding merger and conversion charges | 120,149 | 127,539 | 77,776 | 73,368 | ||||||||||||||||||||||
| Merger and conversion charges | 2,415 | 65,158 | 3,475 | 2,057 | ||||||||||||||||||||||
| Income before income taxes | 82,207 | 27,076 | 50,968 | 51,333 | ||||||||||||||||||||||
| Income tax | 20,959 | 5,692 | 12,064 | 11,428 | ||||||||||||||||||||||
| Net income | $ | 61,248 | $ | 21,384 | $ | 38,904 | $ | 39,905 | ||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||||||||
| Net income – basic | $ | 0.88 | $ | 0.31 | $ | 0.82 | $ | 0.84 | ||||||||||||||||||
| Net income – diluted | 0.88 | 0.31 | 0.82 | 0.84 | ||||||||||||||||||||||
| Common dividends - cash | 0.15 | 0.15 | 0.10 | 0.10 | ||||||||||||||||||||||
| Earnings Simulation Model Results | ||||||||||||||
| Change in | % Change in Projected Baseline | |||||||||||||
| Interest Rates | Net Interest Income | |||||||||||||
| (in bps) | 12 Months | 24 Months | ||||||||||||
| 400 | 18.5% | 34.1% | ||||||||||||
| 300 | 14.1% | 26.2% | ||||||||||||
| 200 | 9.4% | 17.7% | ||||||||||||
| 100 | 4.5% | 8.9% | ||||||||||||
| (100) | (1.3)% | (3.9)% | ||||||||||||
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) | Weighted average exercise price of outstanding options, warrants and rights (1) | Number of securities remaining available for future issuance under equity compensation plans (2) | |||||||||||||||||
| (a) | (b) | (c) | ||||||||||||||||||
| Equity compensation plans approved by security holders | 356,487 | $ | 28.13 | 470,502 | ||||||||||||||||
| Exhibit No. | Description | |||||||
| Agreement and Plan of Merger dated as of November 16, 2017 by and between Ameris Bancorp and Atlantic Coast Financial Corporation (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 17, 2017). | ||||||||
| Stock Purchase Agreement dated as of December 29, 2017 by and between Ameris Bancorp and William J. Villari (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Registration Statement on Form S-3 (Registration No. 333-223080) filed with the SEC on February 16, 2018). | ||||||||
| Agreement and Plan of Merger dated as of January 25, 2018 by and between Ameris Bancorp and Hamilton State Bancshares, Inc. (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on January 26, 2018). | ||||||||
| Stock Purchase Agreement dated as of January 25, 2018 by and among Ameris Bancorp, Ameris Bank, William J. Villari and The Villari Family Gift Trust (incorporated by reference to Exhibit 2.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on January 26, 2018). | ||||||||
| Agreement and Plan of Merger dated as of December 17, 2018 by and between Ameris Bancorp and Fidelity Southern Corporation (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 17, 2018). | ||||||||
| 3.1 | Articles of Incorporation of Ameris Bancorp, as amended (incorporated by reference to Exhibit 2.1 to Ameris Bancorp’s Regulation A Offering Statement on Form 1-A filed with the SEC on August 14, 1987). | |||||||
| Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 26, 1999). | ||||||||
| Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 31, 2003). | ||||||||
| Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 1, 2005). | ||||||||
| Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on November 21, 2008). | ||||||||
| Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on June 1, 2011). | ||||||||
| Articles of Amendment to the Articles of Incorporation of Ameris Bancorp (incorporated by reference to Exhibit 3.7 to Ameris Bancorp’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020). | ||||||||
| Bylaws of Ameris Bancorp, as amended and restated through June 11, 2020 (incorporated by reference to Exhibit 3.8 to Ameris Bancorp’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020). | ||||||||
| Indenture between Ameris Bancorp and Wilmington Trust Company dated September 20, 2006 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Registration Statement on Form S-4 (Registration No. 333-138252) filed with the SEC on October 27, 2006). | ||||||||
| Floating Rate Junior Subordinated Deferrable Interest Debenture dated September 20, 2006 to Ameris Statutory Trust I (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Registration Statement on Form S-4 (Registration No. 333-138252) filed with the SEC on October 27, 2006). | ||||||||
| Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and U.S. Bank National Association dated as of March 26, 2003 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and U.S. Bank National Association (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.3 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Deutsche Bank Trust Company Americas dated as of June 24, 2004 (incorporated by reference to Exhibit 4.6 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Note Due 2034 (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Wilmington Trust Company dated as of January 31, 2006 (incorporated by reference to Exhibit 4.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Wilmington Trust Company (pertaining to Indenture dated as of January 31, 2006) (incorporated by reference to Exhibit 4.10 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.9 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Indenture between Ameris Bancorp (as successor to The Prosperity Banking Company) and Wilmington Trust Company dated as of September 20, 2007 (incorporated by reference to Exhibit 4.18 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| First Supplemental Indenture dated as of December 23, 2013 by and among Ameris Bancorp, The Prosperity Banking Company and Wilmington Trust Company (pertaining to Indenture dated as of September 20, 2007) (incorporated by reference to Exhibit 4.19 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2037 (included as Exhibit A to the Indenture filed as Exhibit 4.18 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 14, 2014). | ||||||||
| Indenture between Ameris Bancorp (as successor to Coastal Bankshares, Inc.) and Wells Fargo Bank, National Association dated as of August 27, 2003 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
| First Supplemental Indenture dated as of June 30, 2014 by and among Ameris Bancorp and Wells Fargo Bank, National Association (pertaining to Indenture dated as of August 27, 2003) (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
| Form of Junior Subordinated Debt Security Due 2033 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
| Indenture between Ameris Bancorp (as successor to Coastal Bankshares, Inc.) and U.S. Bank National Association dated as of December 14, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
| First Supplemental Indenture dated as of June 30, 2014 by and among Ameris Bancorp, Coastal Bankshares, Inc. and U.S. Bank National Association (pertaining to Indenture dated as of December 14, 2005) (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
| Form of Junior Subordinated Debt Security Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2014). | ||||||||
| Indenture between Ameris Bancorp (as successor to Merchants & Southern Banks of Florida, Incorporated) and Wilmington Trust Company dated as of March 17, 2005 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
| First Supplemental Indenture dated as of May 22, 2015 by and among Ameris Bancorp, Merchants & Southern Banks of Florida, Incorporated and Wilmington Trust Company (pertaining to Indenture dated as of March 17, 2005) (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
| Indenture between Ameris Bancorp (as successor to Merchants & Southern Banks of Florida, Incorporated) and Wilmington Trust Company dated as of March 30, 2006 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
| First Supplemental Indenture dated as of May 22, 2015 by and among Ameris Bancorp, Merchants & Southern Banks of Florida, Incorporated and Wilmington Trust Company (pertaining to Indenture dated as of March 30, 2006) (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on May 27, 2015). | ||||||||
| Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of June 17, 2004 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| First Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2034 (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of September 15, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Second Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2035 (included as Exhibit A to the Indenture filed as Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wilmington Trust Company dated as of December 14, 2006 (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| First Supplemental Indenture dated as of March 11, 2016 by and among Ameris Bancorp, Jacksonville Bancorp, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debenture Due 2036 (included as Exhibit A to the Indenture filed as Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Indenture between Ameris Bancorp (as successor to Jacksonville Bancorp, Inc.) and Wells Fargo Bank, National Association dated as of June 20, 2008 (incorporated by reference to Exhibit 4.10 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| First Supplemental Indenture dated as of March 11, 2016 by and between Ameris Bancorp and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.11 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Form of Junior Subordinated Debt Security Due 2038 (included as Exhibit A to the Indenture filed as Exhibit 4.10 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 14, 2016). | ||||||||
| Subordinated Debt Indenture dated as of March 13, 2017 by and between Ameris Bancorp and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017). | ||||||||
| First Supplemental Indenture, dated as of March 13, 2017, by and between Ameris Bancorp and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017). | ||||||||
| Form of 5.75% Fixed-to-Floating Rate Subordinated Note due 2027 (included as Exhibit A to the First Supplemental Indenture filed as Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on March 13, 2017). | ||||||||
| Indenture dated as of November 10, 2005 by and between Ameris Bancorp (as successor to Hamilton State Bancshares, Inc.) and Wilmington Trust Company (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 2, 2018). | ||||||||
| Second Supplemental Indenture dated as of June 29, 2018 by and among Ameris Bancorp, Hamilton State Bancshares, Inc. and Wilmington Trust Company (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 2, 2018). | ||||||||
| Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debenture (included as Exhibit A to the Indenture filed as Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 2, 2018). | ||||||||
| Indenture between Ameris Bancorp (as successor to Fidelity Southern Corporation) and U.S. Bank National Association, dated as of June 26, 2003 (incorporated by reference to Exhibit 4.1 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| First Supplemental Indenture, among Ameris Bancorp, Fidelity Southern Corporation and U.S. Bank National Association, dated as of July 1, 2019 (incorporated by reference to Exhibit 4.2 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debentures due 2033 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| Indenture between Ameris Bancorp (as successor to Fidelity Southern Corporation) and Wilmington Trust Company, dated as of March 17, 2005 (incorporated by reference to Exhibit 4.4 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| First Supplemental Indenture, among Ameris Bancorp, Fidelity Southern Corporation and Wilmington Trust Company, dated as of July 1, 2019 (incorporated by reference to Exhibit 4.5 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| Form of Floating Rate Junior Subordinated Deferrable Interest Debentures due 2035 (incorporated by reference to Exhibit 4.6 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| Indenture between Ameris Bancorp (as successor to Fidelity Southern Corporation) and Wilmington Trust Company, dated as of August 20, 2007 (incorporated by reference to Exhibit 4.7 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| First Supplemental Indenture, among Ameris Bancorp, Fidelity Southern Corporation and Wilmington Trust Company, dated as of July 1, 2019 (incorporated by reference to Exhibit 4.8 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| Form of Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2037 (incorporated by reference to Exhibit 4.9 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on July 1, 2019). | ||||||||
| Second Supplemental Indenture, dated as of December 6, 2019, by and between Ameris Bancorp and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Ameris Bancorp's Current Report on Form 8-K filed with the SEC on December 6, 2019). | ||||||||
| Form of 4.25% Fixed-to-Floating Subordinated Notes due 2029 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp’s Current Report on Form 8-K filed with the SEC on December 6, 2019). | ||||||||
| Form of Global Note representing Fixed/Floating Rate Subordinated Notes due 2030 (incorporated by reference to Exhibit 4.56 to Ameris Bancorp's Annual Report on Form 10-K filed with the SEC on March 9, 2020). | ||||||||
| Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | ||||||||
| Third Supplemental Indenture, dated as of September 28, 2020, by and between Ameris Bancorp and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 to Ameris Bancorp's Current Report on Form 8-K filed with the SEC on September 28, 2020). | ||||||||
| Form of 3.875% Fixed-to-Floating Subordinated Notes due 2030 (incorporated by reference to Exhibit 4.3 to Ameris Bancorp's Current Report on Form 8-K filed with the SEC on September 28, 2020). | ||||||||
| Supplemental Executive Retirement Agreement with Jon S. Edwards, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.3 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012). | ||||||||
| Supplemental Executive Retirement Agreement with Cindi H. Lewis, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.4 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2012). | ||||||||
| Supplemental Executive Retirement Agreement with Nicole S. Stokes, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.13 to Ameris Bancorp’s Annual Report on Form 10-K filed with the SEC on March 1, 2018). | ||||||||
| Ameris Bancorp 2014 Omnibus Equity Compensation Plan (incorporated by reference to Appendix A to Ameris Bancorp’s Definitive Proxy Statement filed with the SEC on April 17, 2014). | ||||||||
| Form of Incentive Stock Option Grant Agreement (incorporated by reference to Exhibit 99.2 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014). | ||||||||
| Form of Nonqualified Stock Option Grant Agreement (incorporated by reference to Exhibit 99.3 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014). | ||||||||
| Form of Restricted Stock Grant Agreement (incorporated by reference to Exhibit 99.4 to Ameris Bancorp’s Registration Statement on Form S-8 filed with the SEC on November 26, 2014). | ||||||||
| First Amendment to Supplemental Executive Retirement Agreement by and between Ameris Bank and Cindi H. Lewis dated as of November 7, 2016 (incorporated by reference to Exhibit 10.2 to Ameris Bancorp’s Form 10-Q filed with the SEC on November 9, 2016). | ||||||||
| Form of Severance Protection and Restrictive Covenants Agreement for executive officers (incorporated by reference to Exhibit 10.1 to Ameris Bancorp's Form 10-Q filed with the SEC on May 10, 2019). | ||||||||
| Employment Agreement by and among Ameris Bancorp, Ameris Bank and James B. Miller, Jr. dated as of December 17, 2018 (incorporated by reference to Exhibit 10.1 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2019). | ||||||||
| Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of December 17, 2018 (incorporated by reference to Exhibit 10.2 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2019). | ||||||||
| Amendment to Employment Agreement by and among Ameris Bancorp, Ameris Bank and H. Palmer Proctor, Jr. dated as of June 30, 2019 (incorporated by reference to Exhibit 10.3 to Ameris Bancorp's Form 10-Q filed with the SEC on August 9, 2019). | ||||||||
| Supplemental Executive Retirement Agreement with Lawton E. Bassett, III, dated as of November 7, 2012 (incorporated by reference to Exhibit 10.16 to Ameris Bancorp's Form 10-K filed with the SEC on March 9, 2020). | ||||||||
| Form of Performance Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.17 to Ameris Bancorp's Form 10-K filed with the SEC on March 9, 2020). | ||||||||
| Supplemental Executive Retirement Agreement with James A. LaHaise, dated as of November 10, 2015. | ||||||||
| Schedule of Subsidiaries of Ameris Bancorp. | ||||||||
| Consent of Crowe LLP. | ||||||||
| Rule 13a-14(a)/15d-14(a) Certification by Chief Executive Officer. | ||||||||
| Rule 13a-14(a)/15d-14(a) Certification by Chief Financial Officer. | ||||||||
| Section 1350 Certification by Chief Executive Officer. | ||||||||
| Section 1350 Certification by Chief Financial Officer. | ||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| Page | |||||
| /s/ H. Palmer Proctor, Jr. | /s/ Nicole S. Stokes | |||||||
| H. Palmer Proctor, Jr., | Nicole S. Stokes | |||||||
| Chief Executive Officer | Corporate EVP and Chief Financial Officer | |||||||
| (principal executive officer) | (principal accounting and financial officer) | |||||||
Crowe LLP
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ |
|
$ |
|
|||||||
| Interest-bearing deposits in banks |
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|
|||||||||
| Federal funds sold |
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|
|||||||||
| Cash and cash equivalents |
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| Time deposits in other banks |
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|
Investment securities available for sale, at fair value, net of allowance for credit losses of $
|
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|
|||||||||
| Other investments |
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|
|||||||||
|
Loans held for sale (includes loan at fair value of $
|
|
|
|||||||||
| Loans, net of unearned income |
|
|
|||||||||
| Allowance for credit losses |
(
|
(
|
|||||||||
| Loans, net |
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|
|||||||||
| Other real estate owned, net |
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|
|||||||||
| Premises and equipment, net |
|
|
|||||||||
| Goodwill |
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|
|||||||||
| Other intangible assets, net |
|
|
|||||||||
| Cash value of bank owned life insurance |
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|
|||||||||
| Deferred income taxes, net |
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|
|||||||||
| Other assets |
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|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities | |||||||||||
| Deposits | |||||||||||
| Noninterest-bearing | $ |
|
$ |
|
|||||||
| Interest-bearing |
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|||||||||
| Total deposits |
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|||||||||
| Securities sold under agreements to repurchase |
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|||||||||
| Other borrowings |
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|
|||||||||
| Subordinated deferrable interest debentures, net |
|
|
|||||||||
| FDIC loss-share payable, net |
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|
|||||||||
| Other liabilities |
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|
|||||||||
| Total liabilities |
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|||||||||
|
Commitments and Contingencies (Note 21)
|
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|
|||||||||
| Shareholders’ Equity | |||||||||||
|
Preferred stock, stated value $
|
|
|
|||||||||
|
Common stock, par value $
|
|
|
|||||||||
| Capital surplus |
|
|
|||||||||
| Retained earnings |
|
|
|||||||||
| Accumulated other comprehensive income, net of tax |
|
|
|||||||||
|
Treasury stock, at cost,
|
(
|
(
|
|||||||||
| Total shareholders’ equity |
|
|
|||||||||
| Total liabilities and shareholders’ equity | $ |
|
$ |
|
|||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Interest income | |||||||||||||||||
| Interest and fees on loans | $ |
|
$ |
|
$ |
|
|||||||||||
| Interest on taxable securities |
|
|
|
||||||||||||||
| Interest on nontaxable securities |
|
|
|
||||||||||||||
| Interest on deposits in other banks |
|
|
|
||||||||||||||
| Interest on federal funds sold |
|
|
|
||||||||||||||
| Total interest income |
|
|
|
||||||||||||||
| Interest expense | |||||||||||||||||
| Interest on deposits |
|
|
|
||||||||||||||
| Interest on other borrowings |
|
|
|
||||||||||||||
| Total interest expense |
|
|
|
||||||||||||||
| Net interest income |
|
|
|
||||||||||||||
| Provision for loan losses |
|
|
|
||||||||||||||
| Provision for unfunded commitments |
|
|
|
||||||||||||||
| Provision for other credit losses |
|
|
|
||||||||||||||
| Provision for credit losses |
|
|
|
||||||||||||||
| Net interest income after provision for credit losses |
|
|
|
||||||||||||||
| Noninterest income | |||||||||||||||||
| Service charges on deposit accounts |
|
|
|
||||||||||||||
| Mortgage banking activity |
|
|
|
||||||||||||||
| Other service charges, commissions and fees |
|
|
|
||||||||||||||
| Net gain (loss) on securities |
|
|
(
|
||||||||||||||
| Gain on sale of SBA loans |
|
|
|
||||||||||||||
| Other noninterest income |
|
|
|
||||||||||||||
| Total noninterest income |
|
|
|
||||||||||||||
| Noninterest expense | |||||||||||||||||
| Salaries and employee benefits |
|
|
|
||||||||||||||
| Occupancy and equipment |
|
|
|
||||||||||||||
| Advertising and marketing |
|
|
|
||||||||||||||
| Amortization of intangible assets |
|
|
|
||||||||||||||
| Data processing and communications expenses |
|
|
|
||||||||||||||
| Legal and other professional fees |
|
|
|
||||||||||||||
| Credit resolution-related expenses |
|
|
|
||||||||||||||
| Merger and conversion charges |
|
|
|
||||||||||||||
| FDIC insurance |
|
|
|
||||||||||||||
| Other noninterest expenses |
|
|
|
||||||||||||||
| Total noninterest expense |
|
|
|
||||||||||||||
| Income before income tax expense |
|
|
|
||||||||||||||
| Income tax expense |
|
|
|
||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Basic earnings per common share | $ |
|
$ |
|
$ |
|
|||||||||||
| Diluted earnings per common share | $ |
|
$ |
|
$ |
|
|||||||||||
| Weighted average common shares outstanding | |||||||||||||||||
| Basic |
|
|
|
||||||||||||||
| Diluted |
|
|
|
||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Other comprehensive income (loss) | |||||||||||||||||
|
Net unrealized holding gains (losses) arising during period on investment securities available for sale, net of tax expense (benefit) of $
|
|
|
(
|
||||||||||||||
|
Reclassification adjustment for gains on investment securities included in earnings, net of tax of $
|
|
(
|
(
|
||||||||||||||
|
Net unrealized gains (losses) on cash flow hedge during the period, net of tax expense (benefit) of $
|
|
(
|
|
||||||||||||||
| Total other comprehensive income (loss) |
|
|
(
|
||||||||||||||
| Comprehensive income | $ |
|
$ |
|
$ |
|
|||||||||||
| AMERIS BANCORP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statements of Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
|
Years Ended December 31, 2020, 2019 and 2018
|
|||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Capital Surplus | Retained Earnings | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
| Balance at beginning of period |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| Issuance of common stock |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Issuance of restricted shares |
|
|
(
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Forfeitures of restricted shares |
(
|
(
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Exercise of stock options |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — |
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Purchase of treasury shares | — | — | — | — | — |
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends on common shares ($
|
— | — | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| — | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||
| Reclassification of stranded income tax effects | — | — | — |
|
(
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) during the period | — | — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018 |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| Issuance of common stock |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Issuance of restricted shares |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Forfeitures of restricted shares |
(
|
(
|
(
|
— | — | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| Exercise of stock options |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — |
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Purchase of treasury shares | — | — | — | — | — |
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends on common shares ($
|
— | — | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| — | — | — |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) during the period | — | — | — |
|
— | — |
|
||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| Common Stock | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Capital Surplus | Retained Earnings | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
|
Balance at January 1, 2020
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| Issuance of restricted shares |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Forfeitures of restricted shares |
(
|
(
|
(
|
— | — | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| Exercise of stock options |
|
|
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — |
|
— | — | — | — |
|
|||||||||||||||||||||||||||||||||||||||
| Purchase of treasury shares | — | — | — | — | — |
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — |
|
— | — | — |
|
|||||||||||||||||||||||||||||||||||||||
|
Dividends on common shares ($
|
— | — | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||||||||||||
| — | — | — |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) during the period | — | — | — | — |
|
— | — |
|
|||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Operating Activities | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||||||
| Depreciation |
|
|
|
||||||||||||||
| Net losses on sale or disposal of premises and equipment |
|
|
|
||||||||||||||
| Net write-downs on other assets |
|
|
|
||||||||||||||
| Provision for credit losses |
|
|
|
||||||||||||||
| Net write-downs and losses on sale of other real estate owned |
|
|
|
||||||||||||||
| Share-based compensation expense |
|
|
|
||||||||||||||
| Amortization of intangible assets |
|
|
|
||||||||||||||
| Amortization of operating lease right of use assets |
|
|
|
||||||||||||||
| Provision for deferred taxes |
(
|
|
|
||||||||||||||
| Net amortization of investment securities available for sale |
|
|
|
||||||||||||||
| Net (gain) loss on securities |
(
|
(
|
|
||||||||||||||
| Accretion of discount on purchased loans, net |
(
|
(
|
(
|
||||||||||||||
| Net amortization on other borrowings |
|
|
|
||||||||||||||
| Amortization of subordinated deferrable interest debentures |
|
|
|
||||||||||||||
| Loan servicing asset impairment |
|
|
|
||||||||||||||
| Originations of mortgage loans held for sale |
(
|
(
|
(
|
||||||||||||||
| Payments received on mortgage loans held for sale |
|
|
|
||||||||||||||
| Proceeds from sales of mortgage loans held for sale |
|
|
|
||||||||||||||
| Net gains on mortgage loans held for sale |
(
|
(
|
(
|
||||||||||||||
| Originations of SBA loans |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sales of SBA loans |
|
|
|
||||||||||||||
| Net gains on sales of SBA loans |
(
|
(
|
(
|
||||||||||||||
| Increase in cash surrender value of bank owned life insurance |
(
|
(
|
(
|
||||||||||||||
| Gain on bank owned life insurance proceeds |
(
|
(
|
|
||||||||||||||
| Loss on sale of loans |
|
|
|
||||||||||||||
| Changes in FDIC loss-share receivable/payable, net of cash payments received |
|
|
|
||||||||||||||
| Increase in interest receivable |
(
|
(
|
(
|
||||||||||||||
| Increase (decrease) in interest payable |
(
|
|
|
||||||||||||||
| Increase (decrease) in taxes payable |
(
|
(
|
|
||||||||||||||
| Change attributable to other operating activities |
(
|
|
(
|
||||||||||||||
| Net cash provided by (used in) operating activities |
|
(
|
(
|
||||||||||||||
| Investing Activities, net of effects of business combinations | |||||||||||||||||
| Proceeds from maturities of time deposits in other banks |
|
|
|
||||||||||||||
| Purchases of securities available for sale |
|
(
|
(
|
||||||||||||||
| Proceeds from prepayments and maturities of securities available for sale |
|
|
|
||||||||||||||
| Proceeds from sale of securities available for sale |
|
|
|
||||||||||||||
| Net decrease (increase) in other investments |
|
(
|
|
||||||||||||||
| Net increase in loans |
(
|
(
|
(
|
||||||||||||||
| Payments received on other loans held for sale |
|
|
|
||||||||||||||
| Purchase of acquired formerly serviced portfolio |
|
(
|
|
||||||||||||||
| Purchases of premises and equipment |
(
|
(
|
(
|
||||||||||||||
| Proceeds from sale of premises and equipment |
|
|
|
||||||||||||||
| Proceeds from sales of other real estate owned |
|
|
|
||||||||||||||
| Payments paid to FDIC under loss-sharing agreements |
(
|
(
|
(
|
||||||||||||||
| Proceeds from bank owned life insurance |
|
|
|
||||||||||||||
| Proceeds from sales of loans |
|
|
|
||||||||||||||
| Net cash proceeds received from (paid in) acquisitions |
(
|
|
|
||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Financing Activities, net of effects of business combinations | |||||||||||||||||
| Net increase in deposits | $ |
|
$ |
|
$ |
|
|||||||||||
| Net decrease in securities sold under agreements to repurchase |
(
|
(
|
(
|
||||||||||||||
| Proceeds from other borrowings |
|
|
|
||||||||||||||
| Repayment of other borrowings |
(
|
(
|
(
|
||||||||||||||
| Repayment of subordinated deferrable interest debentures |
(
|
|
|
||||||||||||||
| Proceeds from exercise of stock options |
|
|
|
||||||||||||||
| Dividends paid - common stock |
(
|
(
|
(
|
||||||||||||||
| Purchase of treasury shares |
(
|
(
|
(
|
||||||||||||||
| Net cash provided by financing activities |
|
|
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents |
|
(
|
|
||||||||||||||
| Cash and cash equivalents at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Supplemental Disclosures of Cash Flow Information | |||||||||||||||||
| Cash paid during the year for: | |||||||||||||||||
| Interest | $ |
|
$ |
|
$ |
|
|||||||||||
| Income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| Loans transferred to other real estate owned | $ |
|
$ |
|
$ |
|
|||||||||||
| Loans transferred from loans held for sale to loans held for investment | $ |
|
$ |
|
$ |
|
|||||||||||
| Loans transferred from loans held for investment to loans held for sale | $ |
|
$ |
|
$ |
|
|||||||||||
| Loans provided for the sales of other real estate owned | $ |
|
$ |
|
$ |
|
|||||||||||
| Initial recognition of operating lease right-of-use assets | $ |
|
$ |
|
$ |
|
|||||||||||
| Initial recognition of operating lease liabilities | $ |
|
$ |
|
$ |
|
|||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ |
|
$ |
|
$ |
|
|||||||||||
| Assets acquired in business combinations | $ |
|
$ |
|
$ |
|
|||||||||||
| Liabilities assumed in business combinations | $ |
|
$ |
|
$ |
|
|||||||||||
| Issuance of common stock in acquisitions | $ |
|
$ |
|
$ |
|
|||||||||||
| Change in unrealized gain (loss) on securities available for sale, net of tax | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Change in unrealized gain on cash flow hedge, net of tax | $ |
|
$ |
(
|
$ |
|
|||||||||||
| Years Ended December 31, | |||||||||||||||||
| (dollars and shares in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Net income available to common shareholders | $ |
|
$ |
|
$ |
|
|||||||||||
| Weighted average number of common shares outstanding |
|
|
|
||||||||||||||
| Effect of dilutive stock options |
|
|
|
||||||||||||||
| Effect of dilutive restricted stock awards |
|
|
|
||||||||||||||
| Effect of performance stock units |
|
|
|
||||||||||||||
| Weighted average number of common shares outstanding used to calculate diluted earnings per share |
|
|
|
||||||||||||||
| (dollars in thousands) |
As Recorded
by Fidelity |
Initial
Fair Value Adjustments |
Subsequent
Adjustments |
As Recorded
by Ameris |
|||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and due from banks | $ |
|
$ |
|
$ |
(
|
(o) | $ |
|
||||||||||||||||||||
| Federal funds sold and interest-bearing deposits in banks |
|
|
|
|
|||||||||||||||||||||||||
| Investment securities |
|
(
|
(a) |
|
|
||||||||||||||||||||||||
| Other investments |
|
|
|
|
|||||||||||||||||||||||||
| Loans held for sale |
|
(
|
(b) |
|
(p) |
|
|||||||||||||||||||||||
| Loans |
|
(
|
(c) |
|
(q) |
|
|||||||||||||||||||||||
| Less allowance for loan losses |
(
|
|
(d) |
|
|
||||||||||||||||||||||||
| Loans, net |
|
(
|
|
|
|||||||||||||||||||||||||
| Other real estate owned |
|
(
|
(e) |
|
|
||||||||||||||||||||||||
| Premises and equipment |
|
|
(f) |
(
|
(r) |
|
|||||||||||||||||||||||
| Other intangible assets, net |
|
|
(g) |
|
|
||||||||||||||||||||||||
| Cash value of bank owned life insurance |
|
|
|
|
|||||||||||||||||||||||||
| Deferred income taxes, net |
|
(
|
(h) |
|
|
||||||||||||||||||||||||
| Other assets |
|
|
(i) |
(
|
(s) |
|
|||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ |
|
$ |
|
$ |
(
|
(t) | $ |
|
||||||||||||||||||||
| Interest-bearing |
|
|
(j) |
|
|
||||||||||||||||||||||||
| Total deposits |
|
|
(
|
|
|||||||||||||||||||||||||
| Securities sold under agreements to repurchase |
|
|
|
|
|||||||||||||||||||||||||
| Other borrowings |
|
|
(k) |
(
|
(u) |
|
|||||||||||||||||||||||
| Subordinated deferrable interest debentures |
|
(
|
(l) |
|
|
||||||||||||||||||||||||
| Deferred tax liability, net |
|
(
|
(m) |
|
(v) |
|
|||||||||||||||||||||||
| Other liabilities |
|
|
(n) |
(
|
(w) |
|
|||||||||||||||||||||||
| Total liabilities |
|
(
|
(
|
|
|||||||||||||||||||||||||
| Net identifiable assets acquired over (under) liabilities assumed |
|
|
(
|
|
|||||||||||||||||||||||||
| Goodwill |
|
|
|
|
|||||||||||||||||||||||||
| Net assets acquired over liabilities assumed | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Consideration: | |||||||||||||||||||||||||||||
| Ameris Bancorp common shares issued |
|
||||||||||||||||||||||||||||
| Price per share of the Company's common stock | $ |
|
|||||||||||||||||||||||||||
| Company common stock issued | $ |
|
|||||||||||||||||||||||||||
| Cash exchanged for shares | $ |
|
|||||||||||||||||||||||||||
| Fair value of total consideration transferred | $ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) | |||||
| Contractually required principal and interest | $ |
|
|||
| Non-accretable difference |
(
|
||||
| Cash flows expected to be collected |
|
||||
| Accretable yield |
(
|
||||
| Total purchased credit-impaired loans acquired | $ |
|
|||
| (dollars in thousands) |
Fair Value of
Acquired Loans at Acquisition Date |
Gross Contractual
Amounts Receivable at Acquisition Date |
Estimate at
Acquisition Date of Contractual Cash Flows Not Expected to be Collected |
||||||||||||||
| Acquired receivables subject to ASC 310-30 | $ |
|
$ |
|
$ |
|
|||||||||||
| Acquired receivables not subject to ASC 310-30 | $ |
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) |
As Recorded
by Hamilton
|
Initial
Fair Value
Adjustments
|
Subsequent
Adjustments
|
As Recorded
by Ameris
|
|||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and due from banks | $ |
|
$ |
|
$ |
(
|
(j) | $ |
|
||||||||||||||||||||
| Federal funds sold and interest-bearing deposits in banks |
|
|
|
|
|||||||||||||||||||||||||
| Time deposits in other banks |
|
|
|
|
|||||||||||||||||||||||||
| Investment securities |
|
(
|
(a) |
|
|
||||||||||||||||||||||||
| Other investments |
|
|
|
|
|||||||||||||||||||||||||
| Loans |
|
(
|
(b) |
(
|
(k) |
|
|||||||||||||||||||||||
| Less allowance for loan losses |
(
|
|
(c) |
|
|
||||||||||||||||||||||||
| Loans, net |
|
(
|
(
|
|
|||||||||||||||||||||||||
| Other real estate owned |
|
|
|
|
|||||||||||||||||||||||||
| Premises and equipment |
|
|
|
(l) |
|
||||||||||||||||||||||||
| Other intangible assets, net |
|
(
|
(d) |
|
(m) |
|
|||||||||||||||||||||||
| Cash value of bank owned life insurance |
|
|
|
|
|||||||||||||||||||||||||
| Deferred income taxes, net |
|
(
|
(e) |
|
(n) |
|
|||||||||||||||||||||||
| Other assets |
|
|
(
|
(o) |
|
||||||||||||||||||||||||
| Total assets | $ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ |
|
$ |
|
|
$ |
|
||||||||||||||||||||||
| Interest-bearing |
|
(
|
(f) |
|
(p) |
|
|||||||||||||||||||||||
| Total deposits |
|
(
|
|
|
|||||||||||||||||||||||||
| Other borrowings |
|
(
|
(g) |
|
(q) |
|
|||||||||||||||||||||||
| Subordinated deferrable interest debenture |
|
(
|
(h) |
(
|
(r) |
|
|||||||||||||||||||||||
| Other liabilities |
|
|
(i) |
|
|
||||||||||||||||||||||||
| Total liabilities |
|
(
|
|
|
|||||||||||||||||||||||||
| Net identifiable assets acquired over (under) liabilities assumed |
|
(
|
(
|
|
|||||||||||||||||||||||||
| Goodwill |
|
|
|
|
|||||||||||||||||||||||||
| Net assets acquired over liabilities assumed | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Consideration: | |||||||||||||||||||||||||||||
| Ameris Bancorp common shares issued |
|
||||||||||||||||||||||||||||
| Price per share of the Company's common stock | $ |
|
|||||||||||||||||||||||||||
| Company common stock issued | $ |
|
|||||||||||||||||||||||||||
| Cash exchanged for shares | $ |
|
|||||||||||||||||||||||||||
| Fair value of total consideration transferred | $ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) | |||||
| Contractually required principal and interest | $ |
|
|||
| Non-accretable difference |
(
|
||||
| Cash flows expected to be collected |
|
||||
| Accretable yield |
(
|
||||
| Total purchased credit-impaired loans acquired | $ |
|
|||
| (dollars in thousands) |
Fair Value of
Acquired Loans at
Acquisition Date
|
Gross Contractual
Amounts Receivable
at Acquisition Date
|
Estimate at
Acquisition Date of
Contractual Cash
Flows Not Expected
to be Collected
|
||||||||||||||
| Acquired receivables subject to ASC 310-30 | $ |
|
$ |
|
$ |
|
|||||||||||
| Acquired receivables not subject to ASC 310-30 | $ |
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) |
As Recorded
by Atlantic
|
Initial
Fair Value
Adjustments
|
Subsequent
Adjustments
|
As Recorded
by Ameris
|
|||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and due from banks | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Federal funds sold and interest-bearing deposits in banks |
|
|
|
|
|||||||||||||||||||||||||
| Investment securities |
|
(
|
(a) |
|
|
||||||||||||||||||||||||
| Other investments |
|
|
|
|
|||||||||||||||||||||||||
| Loans held for sale |
|
|
|
|
|||||||||||||||||||||||||
| Loans |
|
(
|
(b) |
(
|
(k) |
|
|||||||||||||||||||||||
| Less allowance for loan losses |
(
|
|
(c) |
|
|
||||||||||||||||||||||||
| Loans, net |
|
(
|
(
|
|
|||||||||||||||||||||||||
| Other real estate owned |
|
(
|
(d) |
|
|
||||||||||||||||||||||||
| Premises and equipment |
|
(
|
(e) |
(
|
(l) |
|
|||||||||||||||||||||||
| Other intangible assets, net |
|
|
(f) |
|
(m) |
|
|||||||||||||||||||||||
| Cash value of bank owned life insurance |
|
|
|
|
|||||||||||||||||||||||||
| Deferred income taxes, net |
|
|
(g) |
|
(n) |
|
|||||||||||||||||||||||
| Other assets |
|
(
|
(h) |
(
|
(o) |
|
|||||||||||||||||||||||
| Total assets | $ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| Noninterest-bearing | $ |
|
$ |
|
|
$ |
|
||||||||||||||||||||||
| Interest-bearing |
|
(
|
(i) |
|
(p) |
|
|||||||||||||||||||||||
| Total deposits |
|
(
|
|
|
|||||||||||||||||||||||||
| Other borrowings |
|
|
|
|
|||||||||||||||||||||||||
| Other liabilities |
|
(
|
(j) |
(
|
(q) |
|
|||||||||||||||||||||||
| Total liabilities |
|
(
|
(
|
|
|||||||||||||||||||||||||
| Net identifiable assets acquired over (under) liabilities assumed |
|
(
|
|
|
|||||||||||||||||||||||||
| Goodwill |
|
|
(
|
|
|||||||||||||||||||||||||
| Net assets acquired over liabilities assumed | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Consideration: | |||||||||||||||||||||||||||||
| Ameris Bancorp common shares issued |
|
||||||||||||||||||||||||||||
| Price per share of the Company's common stock | $ |
|
|||||||||||||||||||||||||||
| Company common stock issued | $ |
|
|||||||||||||||||||||||||||
| Cash exchanged for shares | $ |
|
|||||||||||||||||||||||||||
| Fair value of total consideration transferred | $ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) | |||||
| Contractually required principal and interest | $ |
|
|||
| Non-accretable difference |
(
|
||||
| Cash flows expected to be collected |
|
||||
| Accretable yield |
(
|
||||
| Total purchased credit-impaired loans acquired | $ |
|
|||
| (dollars in thousands) |
Fair Value of
Acquired Loans at
Acquisition Date
|
Gross Contractual
Amounts Receivable
at Acquisition Date
|
Estimate at
Acquisition Date of
Contractual Cash
Flows Not Expected
to be Collected
|
||||||||||||||
| Acquired receivables subject to ASC 310-30 | $ |
|
$ |
|
$ |
|
|||||||||||
| Acquired receivables not subject to ASC 310-30 | $ |
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) |
As Recorded
by USPF
|
Initial
Fair Value
Adjustments
|
Subsequent
Adjustments
|
As Recorded
by Ameris
|
|||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Intangible asset - insurance agent relationships | $ |
|
$ |
|
(a) | $ |
|
(e) | $ |
|
|||||||||||||||||||
| Intangible asset - US Premium Finance trade name |
|
|
(b) |
(
|
(f) |
|
|||||||||||||||||||||||
| Intangible asset - non-compete agreement |
|
|
(c) |
(
|
(g) |
|
|||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Deferred tax liability | $ |
|
$ |
|
(d) |
(
|
(h) | $ |
|
||||||||||||||||||||
| Total liabilities |
|
|
(
|
|
|||||||||||||||||||||||||
| Net identifiable assets acquired over liabilities assumed |
|
|
|
|
|||||||||||||||||||||||||
| Goodwill |
|
|
(
|
|
|||||||||||||||||||||||||
| Net assets acquired over liabilities assumed | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
| Consideration: | |||||||||||||||||||||||||||||
| Ameris Bancorp common shares issued |
|
||||||||||||||||||||||||||||
|
Price per share of the Company's common stock
(weighted average)
|
$ |
|
|||||||||||||||||||||||||||
| Company common stock issued | $ |
|
|||||||||||||||||||||||||||
| Cash exchanged for shares | $ |
|
|||||||||||||||||||||||||||
|
Present value of contingent earn-out consideration
expected to be paid
|
$ |
|
|||||||||||||||||||||||||||
| Fair value of total consideration transferred | $ |
|
|||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||
| (dollars in thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||
| Net interest income and noninterest income | $ |
|
$ |
|
$ |
|
||||||||
| Net income | $ |
|
$ |
|
$ |
|
||||||||
| Net income available to common shareholders | $ |
|
$ |
|
$ |
|
||||||||
| Income per common share available to common shareholders – basic | $ |
|
$ |
|
$ |
|
||||||||
| Income per common share available to common shareholders – diluted | $ |
|
$ |
|
$ |
|
||||||||
| Average number of shares outstanding, basic |
|
|
|
|||||||||||
| Average number of shares outstanding, diluted |
|
|
|
|||||||||||
| (dollars in thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses |
Estimated
Fair
Value
|
||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||
| U.S. government sponsored agencies | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| State, county and municipal securities |
|
|
|
|
|
||||||||||||||||||||||||
| Corporate debt securities |
|
(
|
|
(
|
|
||||||||||||||||||||||||
| SBA pool securities |
|
|
|
(
|
|
||||||||||||||||||||||||
| Mortgage-backed securities |
|
|
|
(
|
|
||||||||||||||||||||||||
| Total debt securities | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||
| U.S. government sponsored agencies | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| State, county and municipal securities |
|
|
|
(
|
|
||||||||||||||||||||||||
| Corporate debt securities |
|
|
|
(
|
|
||||||||||||||||||||||||
| SBA pool securities |
|
|
|
(
|
|
||||||||||||||||||||||||
| Mortgage-backed securities |
|
|
|
(
|
|
||||||||||||||||||||||||
| Total debt securities | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
| (dollars in thousands) |
Amortized
Cost
|
Estimated
Fair
Value
|
|||||||||
| Due in one year or less | $ |
|
$ |
|
|||||||
| Due from one year to five years |
|
|
|||||||||
| Due from five to ten years |
|
|
|||||||||
| Due after ten years |
|
|
|||||||||
| Mortgage-backed securities |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Estimated
Fair
Value
|
Unrealized Losses |
Estimated
Fair Value |
Unrealized Losses |
Estimated
Fair Value |
Unrealized Losses | ||||||||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
| Corporate debt securities | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||
| SBA pool securities |
|
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
| Mortgage-backed securities |
|
(
|
|
|
|
(
|
||||||||||||||||||||||||||||||||
| Total debt securities | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||
| Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Estimated
Fair
Value
|
Unrealized Losses |
Estimated
Fair Value |
Unrealized Losses |
Estimated
Fair Value |
Unrealized Losses | ||||||||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
| State, county and municipal securities | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||
| Corporate debt securities |
|
(
|
|
|
|
(
|
||||||||||||||||||||||||||||||||
| SBA pool securities |
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
| Mortgage-backed securities |
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
| Total debt securities | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||||
| (dollars in thousands) |
Year Ended
December 31, 2020 |
||||
| Allowance for credit losses | |||||
| Beginning balance | $ |
|
|||
| Current-period provision for expected credit losses |
|
||||
| Ending balance | $ |
|
|||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Gross gains on sales of securities | $ |
|
$ |
|
$ |
|
|||||||||||
| Gross losses on sales of securities |
|
(
|
(
|
||||||||||||||
| Net realized gains on sales of securities available for sale | $ |
|
$ |
|
$ |
|
|||||||||||
| Sales proceeds | $ |
|
$ |
|
$ |
|
|||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Net realized gains on sales of securities available for sale | $ |
|
$ |
|
$ |
|
|||||||||||
| Unrealized holding gains (losses) on equity securities |
|
|
(
|
||||||||||||||
| Net realized gains on sales of other investments |
|
|
|
||||||||||||||
| Total gain (loss) on securities | $ |
|
$ |
|
$ |
(
|
|||||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Commercial, financial and agricultural | $ |
|
$ |
|
|||||||
| Consumer installment |
|
|
|||||||||
| Indirect automobile |
|
|
|||||||||
| Mortgage warehouse |
|
|
|||||||||
| Municipal |
|
|
|||||||||
| Premium finance |
|
|
|||||||||
| Real estate – construction and development |
|
|
|||||||||
| Real estate – commercial and farmland |
|
|
|||||||||
| Real estate – residential |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Commercial, financial and agricultural | $ |
|
$ |
|
|||||||
| Consumer installment |
|
|
|||||||||
| Indirect automobile |
|
|
|||||||||
| Premium finance |
|
|
|||||||||
| Real estate – construction and development |
|
|
|||||||||
| Real estate – commercial and farmland |
|
|
|||||||||
| Real estate – residential |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| (dollars in thousands) |
December 31,
2020 |
||||
| Commercial, financial and agricultural | $ |
|
|||
| Real estate – construction and development |
|
||||
| Real estate – commercial and farmland |
|
||||
| Real estate – residential |
|
||||
| $ |
|
||||
| (dollars in thousands) |
Loans
30-59 Days Past Due |
Loans
60-89 Days Past Due |
Loans 90
or More Days Past Due |
Total
Loans Past Due |
Current
Loans |
Total
Loans |
Loans 90
Days or More Past Due and Still Accruing |
||||||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Consumer installment |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Indirect automobile |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Mortgage warehouse |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Municipal |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Premium finance |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) |
Loans
30-59 Days Past Due |
Loans
60-89 Days Past Due |
Loans 90
or More Days Past Due |
Total
Loans Past Due |
Current
Loans |
Total
Loans |
Loans 90
Days or More Past Due and Still Accruing |
||||||||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Consumer installment |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Indirect automobile |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Mortgage warehouse |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Municipal |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Premium finance |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) | December 31, 2020 | ||||||||||
| Balance | Allowance for Credit Losses | ||||||||||
| Commercial, financial and agricultural | $ |
|
$ |
|
|||||||
| Premium finance |
|
|
|||||||||
| Real estate – construction and development |
|
|
|||||||||
| Real estate – commercial and farmland |
|
|
|||||||||
| Real estate – residential |
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| As of and for the Years Ended December 31, | |||||||||||
| (dollars in thousands) | 2019 | 2018 | |||||||||
| Nonaccrual loans | $ |
|
$ |
|
|||||||
| Troubled debt restructurings not included above |
|
|
|||||||||
| Total impaired loans | $ |
|
$ |
|
|||||||
| Interest income recognized on impaired loans | $ |
|
$ |
|
|||||||
| Foregone interest income on impaired loans | $ |
|
$ |
|
|||||||
| (dollars in thousands) |
Unpaid
Contractual Principal Balance |
Recorded
Investment With No Allowance |
Recorded
Investment With Allowance |
Total
Recorded Investment |
Related
Allowance |
Average
Recorded Investment |
|||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Commercial, financial and agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Consumer installment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Indirect automobile |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Premium finance |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
|
As of December 31, 2020
|
2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial, Financial and Agricultural | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 8 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total commercial, financial and agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Consumer Installment | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total consumer installment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Indirect Automobile | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total indirect automobile | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Mortgage Warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 3 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Total mortgage warehouse | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Municipal | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total municipal | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Term Loans by Origination Year | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
|
As of December 31, 2020
|
2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||||||||||||||||
| Premium Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total premium finance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Real Estate – Construction and Development | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 3 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total real estate – construction and development | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Real Estate – Commercial and Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total real estate – commercial and farmland | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Real Estate - Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||
| Total real estate - residential | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
|
Risk
Grade |
Commercial,
Financial and Agricultural |
Consumer Installment | Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance |
Real Estate -
Construction and Development |
Real Estate -
Commercial and Farmland |
Real Estate -
Residential |
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||
| 2 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
| Loan Class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| Consumer installment |
|
|
|
|
||||||||||||||||||||||
| Indirect automobile |
|
|
|
|
||||||||||||||||||||||
| Premium finance |
|
|
|
|
||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
||||||||||||||||||||||
| Total |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
| Loan Class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| Consumer installment |
|
|
|
|
||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
||||||||||||||||||||||
| Total |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| As of December 31, 2020 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Loan Class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| Consumer installment |
|
|
|
|
||||||||||||||||||||||
| Indirect automobile |
|
|
|
|
||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
||||||||||||||||||||||
| Total |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| As of December 31, 2019 | Accruing Loans | Non-Accruing Loans | ||||||||||||||||||||||||
| Loan Class | # |
Balance
(in thousands)
|
# |
Balance
(in thousands)
|
||||||||||||||||||||||
| Commercial, financial and agricultural |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| Consumer installment |
|
|
|
|
||||||||||||||||||||||
| Premium finance |
|
|
|
|
||||||||||||||||||||||
| Real estate – construction and development |
|
|
|
|
||||||||||||||||||||||
| Real estate – commercial and farmland |
|
|
|
|
||||||||||||||||||||||
| Real estate – residential |
|
|
|
|
||||||||||||||||||||||
| Total |
|
$ |
|
|
$ |
|
||||||||||||||||||||
| (dollars in thousands) | COVID-19 Deferrals | Deferrals as a % of total loans | |||||||||
| Commercial, financial and agricultural | $ |
|
|
% | |||||||
| Consumer installment |
|
|
% | ||||||||
| Indirect automobile |
|
|
% | ||||||||
| Real estate – construction and development |
|
|
% | ||||||||
| Real estate – commercial and farmland |
|
|
% | ||||||||
| Real estate – residential |
|
|
% | ||||||||
| $ |
|
|
% | ||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Balance, January 1 | $ |
|
$ |
|
|||||||
| Advances |
|
|
|||||||||
| Repayments |
(
|
(
|
|||||||||
| Transactions due to changes in related parties |
|
|
|||||||||
| Ending balance | $ |
|
$ |
|
|||||||
| (dollars in thousands) |
Commercial,
Financial and Agricultural |
Consumer
Installment |
Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
| Balance, December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Adjustment to allowance for adoption of ASU 2016-13 |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Provision for loan losses |
|
(
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||
| Loans charged off |
(
|
(
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||
| Recoveries of loans previously charged off |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Balance, December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Real Estate – Construction and Development |
Real Estate –
Commercial and Farmland |
Real Estate –
Residential |
Total | ||||||||||||||||||||||||||||||||
| Balance, December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Adjustment to allowance for adoption of ASU 2016-13 |
|
|
|
|
|||||||||||||||||||||||||||||||
| Provision for loan losses |
|
|
|
|
|||||||||||||||||||||||||||||||
| Loans charged off |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
| Recoveries of loans previously charged off |
|
|
|
|
|||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) |
Commercial,
Financial and Agricultural |
Consumer
Installment |
Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
|
Twelve months ended
December 31, 2019
|
|||||||||||||||||||||||||||||||||||
|
Balance, January 1, 2019
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Provision for loan losses |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Loans charged off |
(
|
(
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||
| Recoveries of loans previously charged off |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Balance, December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Period-end allocation: | |||||||||||||||||||||||||||||||||||
|
Loans individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Loans collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
|
Individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Real Estate – Construction and Development |
Real Estate –
Commercial and Farmland |
Real Estate –
Residential |
Total | ||||||||||||||||||||||||||||||||
|
Twelve months ended
December 31, 2019
|
|||||||||||||||||||||||||||||||||||
|
Balance, January 1, 2019
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Provision for loan losses |
|
|
|
|
|||||||||||||||||||||||||||||||
| Loans charged off |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
| Recoveries of loans previously charged off |
|
|
|
|
|||||||||||||||||||||||||||||||
| Balance, December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Period-end allocation: | |||||||||||||||||||||||||||||||||||
|
Loans individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Loans collectively evaluated for impairment |
|
|
|
|
|||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
|
Individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|||||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| (dollars in thousands) |
Commercial,
Financial and Agricultural |
Consumer
Installment |
Indirect Automobile | Mortgage Warehouse | Municipal | Premium Finance | |||||||||||||||||||||||||||||
|
Twelve months ended
December 31, 2018
|
|||||||||||||||||||||||||||||||||||
|
Balance, January 1, 2018
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Provision for loan losses |
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Loans charged off |
(
|
(
|
|
|
|
(
|
|||||||||||||||||||||||||||||
| Recoveries of loans previously charged off |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Balance, December 31, 2018 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Period-end allocation: | |||||||||||||||||||||||||||||||||||
|
Loans individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Loans collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
|
Individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Real Estate – Construction and Development |
Real Estate –
Commercial and Farmland |
Real Estate –
Residential |
Total | ||||||||||||||||||||||||||||||||
|
Twelve months ended
December 31, 2018
|
|||||||||||||||||||||||||||||||||||
|
Balance, January 1, 2018
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Provision for loan losses |
(
|
|
|
|
|||||||||||||||||||||||||||||||
| Loans charged off |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||
| Recoveries of loans previously charged off |
|
|
|
|
|||||||||||||||||||||||||||||||
| Balance, December 31, 2018 | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Period-end allocation: | |||||||||||||||||||||||||||||||||||
|
Loans individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Loans collectively evaluated for impairment |
|
|
|
|
|||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
|
Individually evaluated for impairment
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|||||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|||||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Land | $ |
|
$ |
|
|||||||
| Buildings and leasehold improvements |
|
|
|||||||||
| Furniture and equipment |
|
|
|||||||||
| Construction in progress |
|
|
|||||||||
| Premises and equipment, gross |
|
|
|||||||||
| Accumulated depreciation |
(
|
(
|
|||||||||
| Premises and equipment, net | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Consolidated | |||||||||||
| Carrying amount of goodwill at beginning of year | $ |
|
$ |
|
|||||||
| Additions related to acquisitions in current year |
|
|
|||||||||
| Fair value adjustments related to acquisitions in prior year |
(
|
(
|
|||||||||
| Carrying amount of goodwill at end of year | $ |
|
$ |
|
|||||||
| Banking Division | |||||||||||
| Carrying amount of goodwill at beginning of year | $ |
|
$ |
|
|||||||
| Additions related to acquisitions in current year |
|
|
|||||||||
| Fair value adjustments related to acquisitions in prior year |
(
|
(
|
|||||||||
| Carrying amount of goodwill at end of year | $ |
|
$ |
|
|||||||
| Premium Finance Division | |||||||||||
| Carrying amount of goodwill at beginning of year | $ |
|
$ |
|
|||||||
| Fair value adjustments related to acquisitions in prior year |
|
(
|
|||||||||
| Carrying amount of goodwill at end of year | $ |
|
$ |
|
|||||||
| As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||
| (dollars in thousands) |
Gross
Amount
|
Accumulated
Amortization
|
Gross
Amount
|
Accumulated
Amortization
|
|||||||||||||||||||
| Amortized intangible assets: | |||||||||||||||||||||||
| Core deposit premiums | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Insurance agent relationships |
|
|
|
|
|||||||||||||||||||
| US Premium Finance trade name |
|
|
|
|
|||||||||||||||||||
| Non-compete agreement |
|
|
|
|
|||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| $ |
|
||||
| (dollars in thousands) | |||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| $ |
|
||||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Average daily balance during the year | $ |
|
$ |
|
$ |
|
|||||||||||
| Average interest rate during the year |
|
% |
|
% |
|
% | |||||||||||
| Maximum month-end balance during the year | $ |
|
$ |
|
$ |
|
|||||||||||
| Weighted average interest rate at year-end |
|
% |
|
% |
|
% | |||||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Securities sold under agreements to repurchase | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| FHLB borrowings: | |||||||||||
|
Fixed Rate Advance due January 10, 2020; fixed interest rate of
|
$ |
|
$ |
|
|||||||
|
Fixed Rate Advance due January 13, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 13, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 15, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 16, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 17, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 21, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 21, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 21, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 21, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 21, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 23, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due January 27, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due February 18, 2020; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due March 3, 2025; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due March 2, 2027; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due March 4, 2030; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due December 9, 2030; fixed interest rate of
|
|
|
|||||||||
|
Fixed Rate Advance due December 9, 2030; fixed interest rate of
|
|
|
|||||||||
|
Principal Reducing Advance due September 29, 2031; fixed interest rate of
|
|
|
|||||||||
| Subordinated notes payable: | |||||||||||
|
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $
|
|
|
|||||||||
|
Subordinated notes payable due December 15, 2029 net of unamortized debt issuance cost of $
|
|
|
|||||||||
|
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $
|
|
|
|||||||||
|
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $
|
|
|
|||||||||
| Other debt: | |||||||||||
|
Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of
|
|
|
|||||||||
| $ |
|
$ |
|
||||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
|
(dollars in thousands)
Name of Trust
|
Issuance Date | Rate |
Rate at December 31, 2020
|
Maturity Date | Issuance Amount | Unaccreted Purchase Discount | Carrying Value | |||||||||||||||||||||||||||||||||||||
| Prosperity Bank Statutory Trust II | March 2003 |
3-month LIBOR plus
|
|
March 26, 2033 | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Fidelity Southern Statutory Trust I | June 2003 |
3-month LIBOR plus
|
|
June 26, 2033 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Coastal Bankshares Statutory Trust I | August 2003 |
3-month LIBOR plus
|
|
October 7, 2033 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Jacksonville Statutory Trust I | June 2004 |
3-month LIBOR plus
|
|
June 17, 2034 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Prosperity Banking Capital Trust I | June 2004 |
3-month LIBOR plus
|
|
June 30, 2034 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Merchants & Southern Statutory Trust I | March 2005 |
3-month LIBOR plus
|
|
March 17, 2035 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Fidelity Southern Statutory Trust II | March 2005 |
3-month LIBOR plus
|
|
March 17, 2035 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Atlantic BancGroup, Inc. Statutory Trust I | September 2005 |
3-month LIBOR plus
|
|
September 15, 2035 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Coastal Bankshares Statutory Trust II | December 2005 |
3-month LIBOR plus
|
|
December 15, 2035 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Cherokee Statutory Trust I | November 2005 |
3-month LIBOR plus
|
|
December 15, 2035 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Prosperity Bank Statutory Trust III | January 2006 |
3-month LIBOR plus
|
|
March 15, 2036 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Merchants & Southern Statutory Trust II | March 2006 |
3-month LIBOR plus
|
|
June 15, 2036 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Jacksonville Statutory Trust II | December 2006 |
3-month LIBOR plus
|
|
December 15, 2036 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Ameris Statutory Trust I | December 2006 |
3-month LIBOR plus
|
|
December 15, 2036 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Fidelity Southern Statutory Trust III | August 2007 |
3-month LIBOR plus
|
|
September 15, 2037 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Prosperity Bank Statutory Trust IV | September 2007 |
3-month LIBOR plus
|
|
December 15, 2037 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Jacksonville Bancorp, Inc. Statutory Trust III | June 2008 |
3-month LIBOR plus
|
|
September 15, 2038 |
|
|
|
|||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) |
Unrealized
Gain (Loss)
on Derivatives
|
Unrealized
Gain (Loss)
on Securities
|
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
| Balance, December 31, 2019 | $ |
(
|
$ |
|
$ |
|
|||||||||||
| Reclassification for gains included in net income, net of tax |
|
|
|
||||||||||||||
| Current year changes, net of tax |
|
|
|
||||||||||||||
| Balance, December 31, 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) |
Unrealized
Gain (Loss) on Derivatives |
Unrealized
Gain (Loss) on Securities |
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
| Balance, December 31, 2018 | $ |
|
$ |
(
|
$ |
(
|
|||||||||||
| Reclassification for gains included in net income, net of tax |
|
(
|
(
|
||||||||||||||
| Current year changes, net of tax |
(
|
|
|
||||||||||||||
| Balance, December 31, 2019 | $ |
(
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) |
Unrealized
Gain (Loss) on Derivatives |
Unrealized
Gain (Loss) on Securities |
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
| Balance, December 31, 2017 | $ |
|
$ |
(
|
$ |
(
|
|||||||||||
| Reclassification to retained earnings due to change in federal corporate tax rate |
(
|
(
|
(
|
||||||||||||||
| Adjusted balance, January 1, 2018 |
|
(
|
(
|
||||||||||||||
| Reclassification for gains included in net income, net of tax |
|
(
|
(
|
||||||||||||||
| Current year changes, net of tax |
|
(
|
(
|
||||||||||||||
| Balance, December 31, 2018 | $ |
|
$ |
(
|
$ |
(
|
|||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Service charges on deposit accounts | |||||||||||||||||
| ASC 606 revenue items | |||||||||||||||||
| Debit card interchange fees | $ |
|
$ |
|
$ |
|
|||||||||||
| Overdraft fees |
|
|
|
||||||||||||||
| Other service charges on deposit accounts |
|
|
|
||||||||||||||
| Total ASC 606 revenue included in service charges on deposits accounts |
|
|
|
||||||||||||||
| Total service charges on deposit accounts | $ |
|
$ |
|
$ |
|
|||||||||||
| Other service charges, commissions and fees | |||||||||||||||||
| ASC 606 revenue items | |||||||||||||||||
| ATM fees | $ |
|
$ |
|
$ |
|
|||||||||||
| Total ASC 606 revenue included in other service charges, commission and fees |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total other service charges, commission and fees | $ |
|
$ |
|
$ |
|
|||||||||||
| Other noninterest income | |||||||||||||||||
| ASC 606 revenue items | |||||||||||||||||
| Trust and wealth management | $ |
|
$ |
|
$ |
|
|||||||||||
| Total ASC 606 revenue included in other noninterest income |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total other noninterest income | $ |
|
$ |
|
$ |
|
|||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Net gains (losses) recognized on sale of OREO | $ |
|
$ |
|
$ |
(
|
|||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Current - federal | $ |
|
$ |
|
$ |
|
|||||||||||
| Current - state |
|
|
|
||||||||||||||
| Deferred - federal |
(
|
|
|
||||||||||||||
| Deferred - state |
(
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Federal income statutory rate |
|
% |
|
% |
|
% | |||||||||||
| Tax at federal income tax rate | $ |
|
$ |
|
$ |
|
|||||||||||
| Change resulting from: | |||||||||||||||||
| State income tax, net of federal benefit |
|
|
|
||||||||||||||
| Tax-exempt interest |
(
|
(
|
(
|
||||||||||||||
| Increase in cash value of bank owned life insurance |
(
|
(
|
(
|
||||||||||||||
| Excess tax (benefit) deficiency from stock compensation |
|
(
|
(
|
||||||||||||||
| Nondeductible merger expenses |
|
|
|
||||||||||||||
| Other |
|
|
(
|
||||||||||||||
| Benefit related to carryback claims resulting from the CARES Act |
(
|
|
|
||||||||||||||
| Provision for income taxes | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Deferred tax assets | |||||||||||
| Allowance for credit losses | $ |
|
$ |
|
|||||||
| Deferred compensation |
|
|
|||||||||
| Deferred loan fees |
|
|
|||||||||
| Deferred gain on interest rate swap |
|
|
|||||||||
| Nonaccrual interest |
|
|
|||||||||
| Purchase accounting adjustments |
|
|
|||||||||
| Other real estate owned |
|
|
|||||||||
| Net operating loss tax carryforward |
|
|
|||||||||
| Tax credit carryforwards |
|
|
|||||||||
| FDIC-assisted transaction adjustments |
|
|
|||||||||
| Capitalized costs, accrued expenses and other |
|
|
|||||||||
| Lease liability |
|
|
|||||||||
|
|
|
||||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Deferred tax liabilities | |||||||||||
| Premises and equipment |
|
|
|||||||||
| Mortgage servicing rights |
|
|
|||||||||
| Subordinated debentures |
|
|
|||||||||
| Goodwill and intangible assets |
|
|
|||||||||
| Unrealized gain on securities available for sale |
|
|
|||||||||
| Right of use lease asset |
|
|
|||||||||
|
|
|
||||||||||
| Net deferred tax asset | $ |
|
$ |
|
|||||||
| Non-Performance-Based | Performance-Based | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Weighted Average Exercise Price | Weighted Average Contractual Term |
Aggregate Intrinsic Value
$ (000)
|
Shares | Weighted Average Exercise Price | Weighted Average Contractual Term |
Aggregate Intrinsic Value
$ (000)
|
||||||||||||||||||||||||||||||||||||||||
| Under option, beginning of year |
|
$ |
|
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
| Exercised |
(
|
|
$ |
|
|
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
| Under option, end of year |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Exercisable at end of year |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Non-Performance-Based | Performance-Based | ||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Weighted Average Exercise Price | Weighted Average Contractual Term |
Aggregate Intrinsic Value
$ (000)
|
Shares | Weighted Average Exercise Price | Weighted Average Contractual Term |
Aggregate Intrinsic Value
$ (000)
|
||||||||||||||||||||||||||||||||||||||||
| Under option, beginning of year |
|
$ |
|
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||
| Options assumed pursuant to acquisition of Fidelity |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
| Exercised |
(
|
|
$ |
|
(
|
|
$ |
|
|||||||||||||||||||||||||||||||||||||||
| Under option, end of year |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Exercisable at end of year |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
| Nonvested shares at beginning of year |
|
$ |
|
|
$ |
|
|||||||||||||||||
| Granted |
|
|
|
|
|||||||||||||||||||
| Vested |
(
|
|
(
|
|
|||||||||||||||||||
| Forfeited |
(
|
|
(
|
|
|||||||||||||||||||
| Nonvested shares at end of year |
|
|
|
|
|||||||||||||||||||
| 2020 | |||||||||||
| Shares | Weighted Average Grant Date Fair Value | ||||||||||
| Nonvested units at beginning of year |
|
$ |
|
||||||||
| Granted |
|
|
|||||||||
| Nonvested units at end of year |
|
|
|||||||||
| (dollars in thousands) | Location | December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||
| Forward contracts related to mortgage loans held for sale | Mortgage banking activity | $ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||
| Interest rate lock commitments | Mortgage banking activity | $ |
|
$ |
(
|
$ |
(
|
||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| (dollars in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||||||||
| Included in other assets: | |||||||||||||||||||||||
| Interest rate lock commitments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Total included in other assets | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Included in other liabilities: | |||||||||||||||||||||||
| Forward contracts related to mortgage loans held for sale | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Total included in other liabilities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Mortgage loans held for sale | $ |
|
$ |
|
|||||||
| SBA loans held for sale |
|
|
|||||||||
| Total loans held for sale | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Aggregate fair value of mortgage loans held for sale | $ |
|
$ |
|
|||||||
| Aggregate unpaid principal balance of mortgage loans held for sale |
|
|
|||||||||
| Past due loans of 90 days or more |
|
|
|||||||||
| Nonaccrual loans |
|
|
|||||||||
| Unpaid principal balance of nonaccrual loans |
|
|
|||||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Aggregate fair value of SBA loans held for sale | $ |
|
$ |
|
|||||||
| Aggregate unpaid principal balance of SBA loans held for sale |
|
|
|||||||||
| Past due loans of 90 days or more |
|
|
|||||||||
| Nonaccrual loans |
|
|
|||||||||
|
Recurring Basis
Fair Value Measurements
December 31, 2020
|
|||||||||||||||||||||||
| (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| U.S. government sponsored agencies | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| State, county and municipal securities |
|
|
|
|
|||||||||||||||||||
| Corporate debt securities |
|
|
|
|
|||||||||||||||||||
| SBA pool securities |
|
|
|
|
|||||||||||||||||||
| Mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Loans held for sale |
|
|
|
|
|||||||||||||||||||
| Mortgage banking derivative instruments |
|
|
|
|
|||||||||||||||||||
| Total recurring assets at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Mortgage banking derivative instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Total recurring liabilities at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Recurring Basis
Fair Value Measurements
December 31, 2019
|
|||||||||||||||||||||||
| (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| U.S. government sponsored agencies | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| State, county and municipal securities |
|
|
|
|
|||||||||||||||||||
| Corporate debt securities |
|
|
|
|
|||||||||||||||||||
| SBA pool securities |
|
|
|
|
|||||||||||||||||||
| Mortgage-backed securities |
|
|
|
|
|||||||||||||||||||
| Loans held for sale |
|
|
|
|
|||||||||||||||||||
| Mortgage banking derivative instruments |
|
|
|
|
|||||||||||||||||||
| Total recurring assets at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Derivative financial instruments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Mortgage banking derivative instruments |
|
|
|
|
|||||||||||||||||||
| Total recurring liabilities at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Nonrecurring Basis
Fair Value Measurements |
|||||||||||||||||||||||
| (dollars in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Collateral-dependent loans | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other real estate owned |
|
|
|
|
|||||||||||||||||||
| Mortgage servicing rights |
|
|
|
|
|||||||||||||||||||
| SBA servicing rights |
|
|
|
|
|||||||||||||||||||
| Total nonrecurring assets at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||
| Impaired loans carried at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other real estate owned |
|
|
|
|
|||||||||||||||||||
| Total nonrecurring assets at fair value | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| (dollars in thousands) | Fair Value |
Valuation
Technique |
Unobservable
Inputs |
Range of Discounts | Weighted Average Discount | ||||||||||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||
| Recurring: | |||||||||||||||||||||||||||||
| Investment securities available for sale | $ |
|
Discounted par values | Probability of default |
|
|
|||||||||||||||||||||||
| Loss given default |
|
|
|||||||||||||||||||||||||||
| Nonrecurring: | |||||||||||||||||||||||||||||
| Collateral-dependent loans | $ |
|
Third-party appraisals and discounted cash flows |
Collateral
discounts and discount rates |
|
|
|||||||||||||||||||||||
| Other real estate owned | $ |
|
Third party appraisals
and sales contracts |
Collateral
discounts and estimated costs to sell |
|
|
|||||||||||||||||||||||
| Mortgage servicing rights | $ |
|
Discounted cash flows | Discount rate |
|
|
|||||||||||||||||||||||
| Prepayment speed |
|
|
|||||||||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||
| Recurring: | |||||||||||||||||||||||||||||
| Investment securities available for sale | $ |
|
Discounted par values |
Credit quality of
underlying issuer |
|
|
|||||||||||||||||||||||
| Nonrecurring: | |||||||||||||||||||||||||||||
| Impaired loans | $ |
|
Third-party appraisals
and discounted cash flows |
Collateral
discounts and discount rates |
|
|
|||||||||||||||||||||||
| Other real estate owned | $ |
|
Third-party appraisals
and sales contracts |
Collateral
discounts and estimated costs to sell |
|
|
|||||||||||||||||||||||
|
Fair Value Measurements
December 31, 2020
|
|||||||||||||||||||||||||||||
| (dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||||||||
| Cash and due from banks | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Federal funds sold and interest-bearing accounts |
|
|
|
|
|
||||||||||||||||||||||||
| Time deposits in other banks |
|
|
|
|
|
||||||||||||||||||||||||
| Loans, net |
|
|
|
|
|
||||||||||||||||||||||||
| Accrued interest receivable |
|
|
|
|
|
||||||||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||||||||
| Deposits |
|
|
|
|
|
||||||||||||||||||||||||
| Securities sold under agreements to repurchase |
|
|
|
|
|
||||||||||||||||||||||||
| Other borrowings |
|
|
|
|
|
||||||||||||||||||||||||
| Subordinated deferrable interest debentures |
|
|
|
|
|
||||||||||||||||||||||||
| Accrued interest payable |
|
|
|
|
|
||||||||||||||||||||||||
|
Fair Value Measurements
December 31, 2019
|
|||||||||||||||||||||||||||||
| (dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||||||||
| Cash and due from banks | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Federal funds sold and interest-bearing accounts |
|
|
|
|
|
||||||||||||||||||||||||
| Time deposits in other banks |
|
|
|
|
|
||||||||||||||||||||||||
| Loans, net |
|
|
|
|
|
||||||||||||||||||||||||
| Accrued interest receivable |
|
|
|
|
|
||||||||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||||||||
| Deposits |
|
|
|
|
|
||||||||||||||||||||||||
| Securities sold under agreements to repurchase |
|
|
|
|
|
||||||||||||||||||||||||
| Other borrowings |
|
|
|
|
|
||||||||||||||||||||||||
| Subordinated deferrable interest debentures |
|
|
|
|
|
||||||||||||||||||||||||
| FDIC loss-share payable |
|
|
|
|
|
||||||||||||||||||||||||
| Accrued interest payable |
|
|
|
|
|
||||||||||||||||||||||||
| December 31, | |||||||||||||||||
| (dollars in thousands) | Location | 2020 | 2019 | ||||||||||||||
| Operating lease right-of-use assets | $ |
|
$ |
|
|||||||||||||
| Operating lease liabilities |
|
|
|||||||||||||||
| (dollars in thousands) | ||||||||
| Year Ended December 31, | Lease Liability | |||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
| Thereafter |
|
|||||||
| Total lease payments | $ |
|
||||||
| Less: Interest |
(
|
|||||||
| Present value of lease liabilities | $ |
|
||||||
| (dollars in thousands) | December 31, | ||||||||||
|
Supplemental lease information
|
2020 | 2019 | |||||||||
| Weighted-average remaining lease term (years) |
|
|
|||||||||
| Weighted-average discount rate |
|
% |
|
% | |||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows from operating leases (cash payments) | $ |
|
$ |
|
|||||||
| Operating cash flows from operating leases (lease liability reduction) | $ |
|
$ |
|
|||||||
| Operating lease right-of-use assets obtained in exchange for leases entered into during the year, net of business combinations | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Commitments to extend credit | $ |
|
$ |
|
|||||||
| Unused home equity lines of credit |
|
|
|||||||||
| Financial standby letters of credit |
|
|
|||||||||
| Mortgage interest rate lock commitments |
|
|
|||||||||
| Years Ended December 31, | |||||||||||
| (dollars in thousands) | 2020 | 2019 | |||||||||
| Balance at beginning of period | $ |
|
$ |
|
|||||||
| Adjustment to reflect adoption of ASU 2016-13 |
|
— | |||||||||
| Addition due to acquisition |
|
|
|||||||||
| Provision for unfunded commitments |
|
|
|||||||||
| Balance at end of period | $ |
|
$ |
|
|||||||
| Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
| As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Tier 1 Leverage Ratio (tier 1 capital to average assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| CET1 Ratio (common equity tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Total Capital Ratio (total capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Tier 1 Leverage Ratio (tier 1 capital to average assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| CET1 Ratio (common equity tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Tier 1 Capital Ratio (tier 1 capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Total Capital Ratio (total capital to risk weighted assets): | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | —N/A— | ||||||||||||||||||||||||||
| Ameris Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
|
Year Ended
December 31, 2020 |
|||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Interest expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net interest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Provision for credit losses |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Noninterest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||||||||
| Salaries and employee benefits |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Occupancy and equipment expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Data processing and communications expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total noninterest expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Income before income tax expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Income tax expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Goodwill | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Other intangible assets, net | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
Year Ended
December 31, 2019 |
|||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Interest expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net interest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Noninterest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||||||||
| Salaries and employee benefits |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Occupancy and equipment expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Data processing and communications expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total noninterest expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Income before income tax expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Income tax expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Goodwill | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Other intangible assets, net | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
Year Ended
December 31, 2018 |
|||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Banking Division | Retail Mortgage Division | Warehouse Lending Division | SBA Division | Premium Finance Division | Total | |||||||||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Interest expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Net interest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Noninterest income |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Noninterest expense | |||||||||||||||||||||||||||||||||||
| Salaries and employee benefits |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Occupancy and equipment expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Data processing and communications expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other expenses |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total noninterest expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Income before income tax expense |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Income tax expense |
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Goodwill | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Other intangible assets, net | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ |
|
$ |
|
|||||||
| Investment in subsidiaries |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities | |||||||||||
| Other liabilities | $ |
|
$ |
|
|||||||
| Other borrowings |
|
|
|||||||||
| Subordinated deferrable interest debentures |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Shareholders' equity |
|
|
|||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
|
|||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Income | |||||||||||||||||
| Dividends from subsidiaries | $ |
|
$ |
|
$ |
|
|||||||||||
| Other income |
|
|
|
||||||||||||||
| Total income |
|
|
|
||||||||||||||
| Expense | |||||||||||||||||
| Interest expense |
|
|
|
||||||||||||||
| Other expense |
|
|
|
||||||||||||||
| Total expense |
|
|
|
||||||||||||||
| Income before taxes and equity in undistributed income of subsidiaries |
|
|
|
||||||||||||||
| Income tax benefit |
|
|
|
||||||||||||||
| Income before equity in undistributed income of subsidiaries |
|
|
|
||||||||||||||
| Equity in undistributed income of subsidiaries |
|
|
|
||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| OPERATING ACTIVITIES | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Share-based compensation expense |
|
|
|
||||||||||||||
| Undistributed earnings of subsidiaries |
(
|
(
|
(
|
||||||||||||||
| Increase in interest payable |
|
|
|
||||||||||||||
| Decrease (increase) in tax receivable |
|
(
|
|
||||||||||||||
| Provision for deferred taxes |
(
|
|
|
||||||||||||||
| Gain on sale of equity security |
|
(
|
|
||||||||||||||
| Change attributable to other operating activities |
|
(
|
(
|
||||||||||||||
| Total adjustments |
(
|
(
|
(
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| INVESTING ACTIVITIES | |||||||||||||||||
| (Increase) decrease in other investments |
(
|
|
|
||||||||||||||
| Repayment of advances to subsidiary bank |
|
|
|
||||||||||||||
| Investment in subsidiary |
(
|
|
|
||||||||||||||
| Net cash proceeds received from (paid for) acquisitions |
|
|
(
|
||||||||||||||
| Proceeds from bank owned life insurance |
|
|
|
||||||||||||||
| Net cash (used in) provided by investing activities |
(
|
|
(
|
||||||||||||||
| FINANCING ACTIVITIES | |||||||||||||||||
| Purchase of treasury shares |
(
|
(
|
(
|
||||||||||||||
| Dividends paid - common stock |
(
|
(
|
(
|
||||||||||||||
| Proceeds from other borrowings |
|
|
|
||||||||||||||
| Repayment of other borrowings |
(
|
(
|
|
||||||||||||||
| Proceeds from exercise of stock options |
|
|
|
||||||||||||||
| Net cash provided by financing activities |
|
|
|
||||||||||||||
| Net change in cash and cash equivalents |
|
|
|
||||||||||||||
| Cash and cash equivalents at beginning of year |
|
|
|
||||||||||||||
| Cash and cash equivalents at end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||||||||
| Cash paid during the year for interest | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash received during the year for income taxes | $ |
(
|
$ |
|
$ |
(
|
|||||||||||
| Three Months Ended | |||||||||||||||||||||||
| (dollars in thousands, except per share data) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||
| Selected Income Statement Data | |||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest expense |
|
|
|
|
|||||||||||||||||||
| Net interest income |
|
|
|
|
|||||||||||||||||||
| Provision for credit losses |
(
|
|
|
|
|||||||||||||||||||
| Net interest income after provision for credit losses |
|
|
|
|
|||||||||||||||||||
| Noninterest income |
|
|
|
|
|||||||||||||||||||
| Other noninterest expense |
|
|
|
|
|||||||||||||||||||
| Merger and conversion charges |
|
(
|
|
|
|||||||||||||||||||
| Income before income taxes |
|
|
|
|
|||||||||||||||||||
| Income tax |
|
|
|
|
|||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Per Share Data | |||||||||||||||||||||||
| Net income – basic | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Net income – diluted |
|
|
|
|
|||||||||||||||||||
| Common dividends - cash |
|
|
|
|
|||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| (dollars in thousands, except per share data) | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||||
| Selected Income Statement Data | |||||||||||||||||||||||
| Interest income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest expense |
|
|
|
|
|||||||||||||||||||
| Net interest income |
|
|
|
|
|||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|||||||||||||||||||
| Net interest income after provision for credit losses |
|
|
|
|
|||||||||||||||||||
| Noninterest income |
|
|
|
|
|||||||||||||||||||
| Other noninterest expense |
|
|
|
|
|||||||||||||||||||
| Merger and conversion charges |
|
|
|
|
|||||||||||||||||||
| Income before income taxes |
|
|
|
|
|||||||||||||||||||
| Income tax |
|
|
|
|
|||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Per Share Data | |||||||||||||||||||||||
| Net income – basic | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Net income – diluted |
|
|
|
|
|||||||||||||||||||
| Common dividends - cash |
|
|
|
|
|||||||||||||||||||
| (dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
| Loan Servicing Rights | |||||||||||
| Residential mortgage | $ |
|
$ |
|
|||||||
| SBA |
|
|
|||||||||
| Indirect automobile |
|
|
|||||||||
| Total loan servicing rights | $ |
|
$ |
|
|||||||
| Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Residential mortgage servicing rights | |||||||||||||||||
| Beginning carrying value, net | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions |
|
|
|
||||||||||||||
| Addition due to acquisition |
|
|
|
||||||||||||||
| Amortization |
(
|
(
|
(
|
||||||||||||||
| (Impairment)/recoveries |
(
|
(
|
|
||||||||||||||
| Ending carrying value, net | $ |
|
$ |
|
$ |
|
|||||||||||
| Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Residential mortgage servicing impairment | |||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions |
|
|
|
||||||||||||||
| Recoveries |
|
|
|
||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
| Residential mortgage servicing rights | |||||||||||
| Unpaid principal balance of loans serviced for others | $ |
|
$ |
|
|||||||
| Composition of residential loans serviced for others: | |||||||||||
| FHLMC |
|
% |
|
% | |||||||
| FNMA |
|
% |
|
% | |||||||
| GNMA |
|
% |
|
% | |||||||
| Total |
|
% |
|
% | |||||||
| Weighted average term (months) |
|
|
|||||||||
| Weighted average age (months) |
|
|
|||||||||
| Modeled prepayment speed |
|
% |
|
% | |||||||
| Decline in fair value due to a 10% adverse change |
(
|
(
|
|||||||||
| Decline in fair value due to a 20% adverse change |
(
|
(
|
|||||||||
| Weighted average discount rate |
|
% |
|
% | |||||||
| Decline in fair value due to a 10% adverse change |
(
|
(
|
|||||||||
| Decline in fair value due to a 20% adverse change |
(
|
(
|
|||||||||
| Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| SBA servicing rights | |||||||||||||||||
| Beginning carrying value, net | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions |
|
|
|
||||||||||||||
| Addition due to acquisition |
|
|
|
||||||||||||||
| Purchase accounting adjustment |
(
|
|
|
||||||||||||||
| Amortization |
(
|
(
|
(
|
||||||||||||||
| (Impairment)/recovery |
(
|
(
|
|
||||||||||||||
| Ending carrying value, net | $ |
|
$ |
|
$ |
|
|||||||||||
| Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| SBA servicing impairment | |||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions |
|
|
|
||||||||||||||
| Recoveries |
|
|
|
||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
|||||||||||
| (dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
| SBA servicing rights | |||||||||||
| Unpaid principal balance of loans serviced for others | $ |
|
$ |
|
|||||||
| Weighted average life (in years) |
|
|
|||||||||
| Modeled prepayment speed |
|
% |
|
% | |||||||
| Decline in fair value due to a 10% adverse change |
(
|
(
|
|||||||||
| Decline in fair value due to a 20% adverse change |
(
|
(
|
|||||||||
| Weighted average discount rate |
|
% |
|
% | |||||||
| Decline in fair value due to a 100 basis point adverse change |
(
|
(
|
|||||||||
| Decline in fair value due to a 200 basis point adverse change |
(
|
(
|
|||||||||
| Years Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
| Indirect automobile servicing rights | |||||||||||||||||
| Beginning carrying value, net | $ |
|
$ |
|
$ |
|
|||||||||||
| Addition due to acquisition |
|
|
|
||||||||||||||
| Amortization |
(
|
(
|
|
||||||||||||||
| Impairment |
|
(
|
|
||||||||||||||
| Ending carrying value, net | $ |
|
$ |
|
$ |
|
|||||||||||
| AMERIS BANCORP | ||||||||
|
Date: February 26, 2021
|
By: | /s/ H. Palmer Proctor, Jr. | ||||||
| H. Palmer Proctor, Jr., | ||||||||
|
Chief Executive Officer
(principal executive officer) |
||||||||
| /s/ H. Palmer Proctor, Jr. | |||||
| H. Palmer Proctor, Jr., Chief Executive Officer | |||||
| (principal executive officer) | |||||
| /s/ Nicole S. Stokes | |||||
| Nicole S. Stokes, Corporate EVP and Chief Financial Officer | |||||
| (principal accounting and financial officer) | |||||
| /s/ William I. Bowen, Jr. | |||||
| William I. Bowen, Jr., Director | |||||
| /s/ Rodney D. Bullard | |||||
| Rodney D. Bullard, Director | |||||
| /s/ Wm. Millard Choate | |||||
| Wm. Millard Choate, Director | |||||
| /s/ R. Dale Ezzell | |||||
| R. Dale Ezzell, Director | |||||
| /s/ Leo J. Hill | |||||
| Leo J. Hill, Director | |||||
| /s/ Daniel B. Jeter | |||||
| Daniel B. Jeter, Director | |||||
| /s/ Robert P. Lynch | |||||
| Robert P. Lynch, Director | |||||
| /s/ Elizabeth A. McCague | |||||
| Elizabeth A. McCague, Director | |||||
| (Continued) | |||||
| /s/ James B. Miller, Jr. | |||||
| James B. Miller, Jr., Executive Chairman | |||||
| /s/ Gloria A. O'Neal | |||||
| / Gloria A. O'Neal, Director | |||||
| /s/ William H. Stern | |||||
| William H. Stern, Director | |||||
| /s/ Jimmy D. Veal | |||||
| Jimmy D. Veal, Director | |||||
| (Concluded) | |||||